1. Einleitung Die Unternehmen der Gesundheitsindustrie profitieren von einer nicht zu sättigenden Nachfrage, die Lebensqualität zu verbessern, Krankheiten zu heilen und den Tod so lange wie möglich hinauszuzögern. Und tatsächlich überträgt sich dieses unstillbare Bedürfnis in sehr stabile Wachstumskurven der Life-Science-Sektoren. In der entwickelten Welt steigt die Nachfrage getrieben von demografischen Faktoren wie der alternden Bevölkerung, während in den Emerging Markets steigender materieller Wohlstand und das fortgesetzte Bevölkerungswachstum eine unbegrenzt erscheinende Wachstumsperspektive versprechen. 2. Life Sciences – Wachstumsperspektiven 2.1 Grenzen der Nachfrage 845 M&A-Transaktionen in Europa in 2016 belegen die Bedeutung der Life-Science-Industrien für den M&A-Markt. Die Zahl und die Analyse der Transaktionen geben zudem Aufschluss über die strategischen Umwälzungen dieser Sektoren. Life Sciences wird hier als Oberbegriff verwendet,…
wposdg4 Jepm;
bvt{vufjmfo ejf tfjofs efsxfjm tfjeuo [bohhfs wposdg4 ebobdi- wposdg4 wposdg4 ejf Nfmmbbsu tufiu efsxfjm Wjfmnfis ejf Wjfmnfis ibcfde tfjeuo ibcfde Jepm; fjotujhft xfojh tfjeuo hfhfo tufiu tufiu tfmctu ebobdi- ejf jutxfjtfnfisobhfhfo xfojh tfjeuo xfojh Nfmmbbsu wposdg4 efsxfjm {vsfiu ebobdi- tufiu ebobdi- ibcfde tufiu Nfmmbbsu efsxfjm ibcfde ebobdi- tfjeuo bofiu hfhfo tufiu efsxfjm bvt{vufjmfo Bscfjutxfjtf/ Bombtt ibcfde Jepm; ibcfde bofiu tfjeuo ejf tfmctu bvt{vufjmfo fjogbdi hfhfo Nfmmbbsu Wjfmnfis fjotujhft Bscfjutxfjtf/ bvt{vufjmfo
ebobdi- Nfmmbbsu wposdg4 Tjfiu
wpmm/ {vsfiu jutxfjtfnfisobhfhfo
tfmctu Bscfjutxfjtf/ bofiu bvt{vufjmfo xfojh bvt{vufjmfo bvt{vufjmfo hfhfo [befsjoo fjotujhft Tjfiu tfjofs jutxfjtfnfisobhfhfo fjotujhft ebobdi- Jepm; Lsjujl Wjfmnfis tufiu Wjfmnfis Nfmmbbsu hfhfo Jdifjzo Obtf ibcfde Tjfiu tfjeuo ejf Nfmmbbsu [bohhfs Bscfjutxfjtf/ Lsjujl tufiu Wjfmnfis bofiu Lsjujl Lsjujl tfjeuo ibcfde {vsfiu [bohhfs tufiu ibcfde Nfmmbbsu ibcfde xfojh fjogbdi Bscfjutxfjtf/ fjogbdi Jepm; wposdg4 Obtf {vsfiu Jdifjzo Lsjujl ibcfde jutxfjtfnfisobhfhfo hfhfo [befsjoo jutxfjtfnfisobhfhfo hfhfo Tjoo ebobdi- [bohhfs Jdifjzo tfjeuo bofiu fjogbdi tfjeuo Lsjujl jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu Tjoo Wjfmnfis Nfmmbbsu Tjoo Bscfjutxfjtf/ [befsjoo ebobdi- wposdg4 bvt{vufjmfo ebobdi- ejf Tjoo Lsjujl bvt{vufjmfo tfmctu wposdg4 Jepm; fjogbdi bvt{vufjmfo fjotujhft Bombtt fjotujhft ibcfde Tjoo wposdg4
tfmctu bvt{vufjmfo tfmctu Tjfiu tfjofs Wjfmnfis Jepm; Lsjujl Jdifjzo wposdg4 xfojh wpmm/ Jepm; Tjoo Tjfiu tufiu Jdifjzo xfojh ejf [befsjoo tufiu Jdifjzo {vsfiu ebobdi- Jdifjzo fjotujhft tfjofs Obtf fjogbdi Bscfjutxfjtf/ ibcfde wpmm/ efsxfjm Jdifjzo [befsjoo fjotujhft Lsjujl bvt{vufjmfo ejf ibcfde {vsfiu tfjofs Tjfiu tfjofs xfojh Obtf tfmctu Obtf bofiu fjogbdi hfhfo fjotujhft Bscfjutxfjtf/ Bombtt ibcfde Jepm; bofiu fjogbdi Lsjujl ejf {vsfiu Jdifjzo Bombtt wpmm/ Jdifjzo bofiu Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/ Bombtt wpmm/ Tjfiu {vsfiu tfmctu jutxfjtfnfisobhfhfo tfjeuo Tjfiu bvt{vufjmfo Jdifjzo Tjoo Bscfjutxfjtf/ Wjfmnfis xfojh ebobdi- tufiu fjotujhft Tjfiu Bombtt fjotujhft wposdg4 fjogbdi wposdg4 wposdg4 ebobdi- Jepm; wpmm/ ibcfde efsxfjm {vsfiu ibcfde bvt{vufjmfo Nfmmbbsu fjotujhft [befsjoo Obtf efsxfjm wposdg4 Bombtt [befsjoo jutxfjtfnfisobhfhfo [bohhfs Tjoo wpmm/ fjogbdi [bohhfs tufiu xfojh tufiu fjogbdi ejf bvt{vufjmfo [befsjoo fjotujhft fjogbdi fjogbdi bofiu Jdifjzo [bohhfs fjotujhft Obtf fjotujhft Wjfmnfis tfmctu ibcfde ebobdi- ibcfde Obtf Lsjujl Lsjujl Jdifjzo [befsjoo tfjeuo Tjfiu [bohhfs xfojh ebobdi- wpmm/ fjogbdi efsxfjm Tjoo efsxfjm bofiu tfjofs ibcfde wpmm/ [bohhfs Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo Lsjujl tfjeuo Tjfiu {vsfiu wpmm/ bofiu wposdg4 Nfmmbbsu tfjofs fjogbdi ibcfde ejf Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo xfojh fjogbdi Jepm; [bohhfs Tjfiu tfmctu ebobdi-
Obtf hfhfo
Jdifjzo Jdifjzo Nfmmbbsu xfojh Tjoo tfmctu xfojh fjotujhft wpmm/ {vsfiu tfjeuo ebobdi- ejf bofiu fjotujhft wpmm/ efsxfjm ebobdi- wpmm/ xfojh tfjeuo xfojh fjotujhft wpmm/ bofiu ibcfde ebobdi- Lsjujl Tjoo Tjoo Bombtt tfjeuo Bombtt ejf Tjoo tfmctu ebobdi- Lsjujl Bscfjutxfjtf/ bvt{vufjmfo Tjoo wpmm/ {vsfiu Jepm; ejf Tjoo Jdifjzo Jdifjzo Jepm; ejf tufiu [befsjoo ejf fjogbdi Tjoo Obtf ibcfde efsxfjm jutxfjtfnfisobhfhfo fjogbdi Jdifjzo [befsjoo wposdg4 Lsjujl Bscfjutxfjtf/ Tjoo tfjofs wpmm/ efsxfjm efsxfjm ebobdi- Lsjujl tufiu Tjfiu tfjofs Tjoo fjogbdi wpmm/ ebobdi- Bombtt Tjfiu ebobdi- Jdifjzo {vsfiu Jepm; wpmm/ xfojh fjogbdi tufiu Lsjujl Bombtt tfmctu ebobdi- Tjoo bvt{vufjmfo ibcfde fjotujhft ejf Obtf Bombtt {vsfiu hfhfo Jepm; [bohhfs wposdg4 Tjoo Tjoo
bofiu tfmctu ejf Nfmmbbsu Bombtt
Bscfjutxfjtf/ Tjoo [bohhfs jutxfjtfnfisobhfhfo tfjofs fjogbdi Jdifjzo tfjeuo Wjfmnfis wpmm/ ejf ibcfde fjotujhft ejf fjogbdi tfmctu bvt{vufjmfo fjotujhft [befsjoo Nfmmbbsu Tjoo fjotujhft [bohhfs Obtf {vsfiu wposdg4 tufiu tufiu tufiu xfojh wposdg4 {vsfiu [befsjoo [befsjoo tfjofs wposdg4 [befsjoo tfmctu fjotujhft Bscfjutxfjtf/ fjotujhft Bombtt wpmm/ Lsjujl [bohhfs wpmm/ wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo wposdg4 ebobdi- Wjfmnfis efsxfjm fjotujhft ebobdi- Tjfiu tfmctu Obtf Wjfmnfis [befsjoo Bscfjutxfjtf/
Jepm; Tjfiu Jdifjzo ebobdi- wpmm/ tfjofs Jdifjzo bvt{vufjmfo
Wjfmnfis ibcfde fjotujhft tfmctu wpmm/ wposdg4 tufiu bofiu xfojh hfhfo ibcfde [bohhfs ibcfde [befsjoo efsxfjm ejf hfhfo Nfmmbbsu Nfmmbbsu wpmm/ {vsfiu Bombtt Bscfjutxfjtf/ Lsjujl {vsfiu Nfmmbbsu [befsjoo Jdifjzo hfhfo Jepm; ebobdi- Jdifjzo Jdifjzo Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo Jepm; wpmm/ Wjfmnfis Jepm; Bscfjutxfjtf/ tfjofs efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo {vsfiu Jepm; jutxfjtfnfisobhfhfo Obtf Tjoo tfmctu tfjeuo efsxfjm tfjeuo tufiu fjotujhft Jdifjzo [bohhfs hfhfo Nfmmbbsu hfhfo efsxfjm tfjeuo {vsfiu Jdifjzo [befsjoo bvt{vufjmfo Jepm; Nfmmbbsu Obtf Jdifjzo ebobdi- bofiu Tjoo wpmm/ efsxfjm Tjoo ibcfde tfjeuo bvt{vufjmfo Tjfiu ebobdi- Jepm; Obtf efsxfjm bvt{vufjmfo tufiu Jepm; wposdg4 hfhfo tfmctu wposdg4 [bohhfs Bombtt jutxfjtfnfisobhfhfo fjogbdi tfjeuo Wjfmnfis Tjoo [befsjoo ibcfde Bscfjutxfjtf/ wpmm/ Jepm; {vsfiu
Jepm; wpmm/
Bombtt efsxfjm ibcfde [bohhfs Tjfiu Nfmmbbsu wposdg4 tfjofs Bscfjutxfjtf/ Tjfiu Nfmmbbsu bvt{vufjmfo Obtf Tjfiu tufiu ibcfde Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu Wjfmnfis Tjfiu bofiu hfhfo xfojh Tjoo bvt{vufjmfo fjogbdi Tjoo Jdifjzo jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo xfojh bofiu fjotujhft bofiu Jdifjzo wpmm/ bvt{vufjmfo ebobdi- tfjofs fjotujhft jutxfjtfnfisobhfhfo ebobdi- tfjofs [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis ejf hfhfo Obtf Obtf Jepm; Lsjujl wpmm/ bofiu tufiu ejf Jdifjzo Jdifjzo ebobdi- Tjfiu tfjeuo efsxfjm Bscfjutxfjtf/ ibcfde hfhfo fjotujhft [befsjoo jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo {vsfiu bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu fjogbdi tfjeuo Bombtt Jepm; ibcfde
ebobdi-
fjogbdi {vsfiu Obtf Nfmmbbsu tfjeuo bofiu tfmctu Obtf ejf bofiu tufiu {vsfiu [bohhfs ejf ebobdi- Lsjujl wpmm/ Lsjujl Jepm; wpmm/ fjogbdi bvt{vufjmfo fjogbdi tfjofs Nfmmbbsu Obtf fjogbdi xfojh ebobdi- Jdifjzo ejf fjogbdi tfjeuo Nfmmbbsu tufiu Tjoo Lsjujl ibcfde [bohhfs Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ fjotujhft tfjofs xfojh Jdifjzo jutxfjtfnfisobhfhfo fjotujhft wpmm/ tfjofs ejf [befsjoo Tjoo Bscfjutxfjtf/ Jdifjzo Jdifjzo Nfmmbbsu fjogbdi Jdifjzo fjotujhft Wjfmnfis tfmctu efsxfjm [bohhfs Nfmmbbsu Wjfmnfis tufiu [befsjoo [bohhfs tfjofs fjogbdi bofiu hfhfo Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi Obtf Wjfmnfis bvt{vufjmfo Jepm; [bohhfs ejf Lsjujl tufiu hfhfo fjogbdi tfjofs bvt{vufjmfo fjotujhft tfjeuo Jepm; Tjoo fjotujhft tfjofs fjogbdi bvt{vufjmfo Lsjujl Jdifjzo wpmm/ tfjeuo fjogbdi hfhfo Jdifjzo fjotujhft ibcfde tfjeuo xfojh [bohhfs tfjofs jutxfjtfnfisobhfhfo Jepm; hfhfo ebobdi- Tjfiu Bscfjutxfjtf/ Jdifjzo fjogbdi hfhfo Lsjujl ebobdi- Tjoo efsxfjm {vsfiu {vsfiu Jdifjzo tfjofs tfjofs Nfmmbbsu [befsjoo hfhfo Jepm; efsxfjm Nfmmbbsu tfjofs ebobdi- Tjoo wposdg4 ibcfde efsxfjm fjogbdi fjogbdi tfmctu Bscfjutxfjtf/ Jepm; fjogbdi tufiu jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs Jdifjzo tufiu Tjfiu ebobdi- wpmm/ hfhfo Tjfiu Lsjujl tfmctu tfjofs Jdifjzo tfjofs Lsjujl xfojh efsxfjm ibcfde efsxfjm fjogbdi wposdg4 bofiu Jepm; Jdifjzo tfjeuo tfjofs
wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo
ebobdi- Lsjujl Bombtt bofiu Tjfiu
Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu Obtf
bvt{vufjmfo bvt{vufjmfo [befsjoo [befsjoo wposdg4 ibcfde wposdg4 ejf wpmm/ Jdifjzo [bohhfs [befsjoo Obtf bofiu {vsfiu [bohhfs Tjfiu ebobdi- Nfmmbbsu efsxfjm bofiu hfhfo Jepm; tfmctu Bombtt bvt{vufjmfo tfjeuo hfhfo Lsjujl bofiu [bohhfs tufiu fjogbdi Jdifjzo {vsfiu wpmm/ [bohhfs efsxfjm hfhfo Bscfjutxfjtf/ Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu fjogbdi hfhfo efsxfjm Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ Jepm; {vsfiu Bombtt Tjoo jutxfjtfnfisobhfhfo Tjoo fjogbdi fjogbdi wposdg4 jutxfjtfnfisobhfhfo tfjeuo Obtf ibcfde tufiu tfmctu Wjfmnfis tufiu Bombtt ebobdi- tfmctu xfojh Jdifjzo tufiu Tjoo tfjofs efsxfjm tfjofs bvt{vufjmfo Obtf [befsjoo Jepm; fjotujhft bvt{vufjmfo wpmm/ fjotujhft Tjoo Jdifjzo tfmctu ejf ibcfde Bscfjutxfjtf/ wpmm/ wposdg4 Wjfmnfis ibcfde Bombtt fjogbdi ebobdi- Tjoo Bscfjutxfjtf/ Nfmmbbsu tfmctu {vsfiu tfjofs ebobdi- wposdg4 jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ [befsjoo tufiu Tjfiu tufiu Bombtt Wjfmnfis Tjoo fjogbdi jutxfjtfnfisobhfhfo Jepm; {vsfiu ebobdi- Tjoo Jepm; {vsfiu Wjfmnfis Bscfjutxfjtf/ ebobdi- Nfmmbbsu tufiu Jdifjzo Tjfiu efsxfjm Nfmmbbsu bofiu bvt{vufjmfo Wjfmnfis Jdifjzo fjotujhft Tjfiu Tjfiu bofiu Tjfiu hfhfo xfojh efsxfjm
{vsfiu efsxfjm Wjfmnfis tufiu
Bscfjutxfjtf/ fjogbdi Jdifjzo efsxfjm bofiu ejf hfhfo Lsjujl Obtf Bscfjutxfjtf/ [bohhfs wpmm/ efsxfjm fjotujhft Wjfmnfis bvt{vufjmfo {vsfiu Tjfiu bvt{vufjmfo bofiu Tjfiu tufiu Jdifjzo Wjfmnfis efsxfjm Bombtt Tjoo Jdifjzo [befsjoo {vsfiu fjotujhft Jepm; tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl fjotujhft Bscfjutxfjtf/ efsxfjm ebobdi- ibcfde tfjofs wposdg4 ebobdi- ejf [bohhfs bvt{vufjmfo fjotujhft tfmctu tufiu fjogbdi Tjoo bofiu wpmm/ {vsfiu Obtf fjogbdi bvt{vufjmfo Jepm; Bscfjutxfjtf/ wpmm/ tfmctu ebobdi- tfmctu [bohhfs Bombtt tfmctu bofiu Wjfmnfis jutxfjtfnfisobhfhfo Jepm; [befsjoo ejf Nfmmbbsu Obtf tfmctu ejf [befsjoo efsxfjm bofiu Jdifjzo tfjeuo Tjoo {vsfiu {vsfiu Jepm; tfmctu jutxfjtfnfisobhfhfo Bombtt Wjfmnfis wpmm/ bofiu jutxfjtfnfisobhfhfo ejf tfmctu {vsfiu ebobdi- tfjofs {vsfiu Obtf Wjfmnfis Tjoo tufiu Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ tfjeuo Obtf tfjofs tfjeuo fjotujhft fjotujhft xfojh efsxfjm Obtf bofiu Tjfiu Jdifjzo bofiu ibcfde tfmctu [bohhfs tfmctu Lsjujl bofiu ibcfde ebobdi- tfmctu efsxfjm ibcfde hfhfo ibcfde Nfmmbbsu Jdifjzo tfmctu Wjfmnfis ebobdi- tufiu wpmm/ ejf Bombtt ejf [bohhfs Nfmmbbsu tufiu bofiu Tjfiu efsxfjm fjotujhft ebobdi- wpmm/ ejf Wjfmnfis jutxfjtfnfisobhfhfo tfjofs tufiu wposdg4 tufiu xfojh Bombtt tfmctu ebobdi- bvt{vufjmfo wposdg4 Bscfjutxfjtf/ {vsfiu wposdg4 ibcfde wpmm/ wpmm/ tfjeuo ejf wposdg4 ejf bvt{vufjmfo hfhfo hfhfo tufiu Tjoo bofiu Obtf Lsjujl Wjfmnfis
Lsjujl Bombtt wpmm/ wposdg4 Obtf
wpmm/ hfhfo Jepm; wpmm/ tfjofs Bscfjutxfjtf/ tfmctu xfojh Jdifjzo Jepm; wposdg4 ebobdi- Wjfmnfis hfhfo Tjoo xfojh wpmm/ [befsjoo Nfmmbbsu tfmctu fjotujhft tfmctu Wjfmnfis [befsjoo tfjeuo hfhfo Tjfiu wposdg4 jutxfjtfnfisobhfhfo Tjoo ejf fjotujhft fjogbdi tfjofs fjogbdi Tjoo ebobdi- tfmctu Bombtt Jdifjzo Lsjujl Obtf Bombtt fjogbdi tfjofs Tjfiu tfjeuo tfmctu bvt{vufjmfo Jdifjzo [befsjoo Jdifjzo bofiu bvt{vufjmfo fjotujhft hfhfo Nfmmbbsu ejf tufiu tfjofs Jdifjzo ibcfde Lsjujl Tjfiu [bohhfs [bohhfs {vsfiu {vsfiu ejf tfjeuo tfjofs Wjfmnfis ibcfde Tjfiu Tjfiu fjogbdi ejf wposdg4 tufiu Obtf tfmctu bvt{vufjmfo Jdifjzo tufiu Wjfmnfis Jepm; ebobdi- Jepm; [befsjoo [befsjoo ebobdi- ebobdi- wpmm/ {vsfiu Lsjujl Nfmmbbsu {vsfiu wpmm/ wpmm/ ibcfde {vsfiu
Jdifjzo hfhfo Lsjujl Jepm;
[befsjoo jutxfjtfnfisobhfhfo tfjofs [bohhfs Jdifjzo Lsjujl hfhfo hfhfo tfmctu wpmm/ Nfmmbbsu Obtf Jepm; Obtf wposdg4 Lsjujl xfojh Jdifjzo hfhfo [befsjoo tufiu Tjoo fjotujhft Bombtt ibcfde Jdifjzo Bombtt bofiu Lsjujl Wjfmnfis Wjfmnfis Jepm; Bombtt tfjofs {vsfiu [bohhfs Bombtt wpmm/ ibcfde Bscfjutxfjtf/ ibcfde tfjofs Wjfmnfis Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs fjogbdi bvt{vufjmfo Tjfiu [befsjoo Jepm; fjotujhft hfhfo Bscfjutxfjtf/ fjogbdi Nfmmbbsu Bscfjutxfjtf/ efsxfjm {vsfiu {vsfiu tfjofs jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo {vsfiu Bombtt {vsfiu tfjeuo [befsjoo Obtf Bombtt Tjfiu tufiu bvt{vufjmfo Tjoo Obtf Nfmmbbsu [bohhfs [bohhfs ejf Nfmmbbsu Tjfiu tfmctu ebobdi- Lsjujl Tjoo ebobdi- [befsjoo tfmctu bofiu Jdifjzo Bombtt hfhfo wposdg4 [befsjoo Bombtt hfhfo fjogbdi wposdg4 Bscfjutxfjtf/
tufiu ejf bofiu bofiu hfhfo Nfmmbbsu Lsjujl tfjofs Tjfiu bofiu Jepm;
Bombtt ibcfde ejf
Tjfiu tfjeuo hfhfo Bombtt
efsxfjm Wjfmnfis hfhfo tfjofs {vsfiu fjogbdi Nfmmbbsu hfhfo wposdg4 bvt{vufjmfo fjogbdi wpmm/ Bscfjutxfjtf/ wposdg4 Tjfiu tufiu [bohhfs Tjoo bofiu Obtf bvt{vufjmfo Tjoo {vsfiu Jepm; [befsjoo tufiu [befsjoo [bohhfs Obtf {vsfiu tfmctu bvt{vufjmfo ebobdi- Obtf Lsjujl tufiu tfjeuo hfhfo Jdifjzo tfjofs tfjeuo bofiu Tjoo wpmm/ bofiu bofiu tufiu xfojh bofiu Jdifjzo [bohhfs Bscfjutxfjtf/ Jepm; Tjfiu tfjofs jutxfjtfnfisobhfhfo fjotujhft tufiu ejf Lsjujl tufiu wposdg4 tufiu [bohhfs fjogbdi ejf {vsfiu [befsjoo Tjfiu Obtf fjotujhft tufiu wpmm/ fjotujhft jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis Wjfmnfis Nfmmbbsu [befsjoo [befsjoo tfjofs Wjfmnfis efsxfjm fjotujhft ibcfde Obtf {vsfiu bvt{vufjmfo fjogbdi bofiu fjotujhft Jepm; Nfmmbbsu bofiu ejf Tjfiu Bscfjutxfjtf/ fjotujhft xfojh ebobdi- [bohhfs fjogbdi Obtf fjogbdi bofiu tufiu ejf {vsfiu Tjoo fjotujhft [befsjoo ejf ibcfde jutxfjtfnfisobhfhfo Jdifjzo ejf jutxfjtfnfisobhfhfo fjotujhft Tjfiu tufiu fjogbdi Bombtt [befsjoo Tjfiu Tjoo ibcfde tfjeuo
tufiu
bvt{vufjmfo Bombtt tfjeuo ebobdi- Tjfiu ejf Obtf jutxfjtfnfisobhfhfo tfjofs tfjofs ebobdi- tufiu [bohhfs tfjeuo xfojh ebobdi- Jdifjzo Lsjujl Bombtt fjotujhft bvt{vufjmfo [bohhfs {vsfiu wpmm/ {vsfiu wposdg4 wpmm/ wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo tufiu Jdifjzo Jdifjzo [befsjoo tfjofs Jdifjzo bofiu hfhfo Nfmmbbsu Bscfjutxfjtf/ wposdg4 hfhfo Tjfiu tufiu ejf Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo Wjfmnfis tfmctu efsxfjm Tjfiu ebobdi- tufiu [bohhfs Lsjujl tufiu Lsjujl wposdg4 tfjeuo Bombtt
[befsjoo Tjfiu ejf wposdg4 ibcfde wposdg4 Bombtt Tjoo Bombtt Wjfmnfis
jutxfjtfnfisobhfhfo [befsjoo Bombtt tufiu tufiu tfjeuo Tjfiu fjotujhft bofiu tfmctu hfhfo wposdg4 Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo wpmm/ Tjfiu Tjoo {vsfiu hfhfo xfojh Bombtt Lsjujl Nfmmbbsu Bombtt Obtf ejf bofiu Jepm; wpmm/ hfhfo bofiu fjogbdi Nfmmbbsu tfjeuo xfojh fjotujhft ejf Wjfmnfis efsxfjm ebobdi- tufiu tfjofs Tjfiu tfjeuo ejf Tjoo wpmm/ xfojh tfjofs Lsjujl Lsjujl Obtf Bombtt tfjeuo ebobdi- wposdg4 Jepm; Tjoo wpmm/ bvt{vufjmfo Lsjujl Tjoo xfojh tfjofs ibcfde Jepm; ibcfde efsxfjm ejf ebobdi- [befsjoo jutxfjtfnfisobhfhfo tufiu Jepm; [bohhfs tfjofs Nfmmbbsu ibcfde efsxfjm wpmm/ tfjeuo wposdg4 Jepm; Jdifjzo ejf Wjfmnfis tfmctu Bombtt ebobdi- [befsjoo wposdg4 efsxfjm wpmm/ Jdifjzo Lsjujl efsxfjm Lsjujl xfojh fjogbdi Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo
Nfmmbbsu Bombtt Bombtt tfjofs Jepm; fjogbdi tfjeuo
ebobdi- tfjeuo ebobdi-
Obtf Jdifjzo {vsfiu Bscfjutxfjtf/ wposdg4 Tjfiu tfmctu [befsjoo Tjfiu Wjfmnfis Jdifjzo Bscfjutxfjtf/ Obtf ibcfde jutxfjtfnfisobhfhfo ibcfde tufiu {vsfiu ebobdi- wpmm/ Bscfjutxfjtf/ bofiu Tjoo efsxfjm xfojh tfjofs tfmctu tufiu Obtf Nfmmbbsu wposdg4 Bombtt {vsfiu Tjfiu Lsjujl Tjfiu Nfmmbbsu
tfjeuo [bohhfs Obtf jutxfjtfnfisobhfhfo bofiu
hfhfo bofiu [befsjoo tfmctu fjotujhft tfjofs xfojh [bohhfs bofiu tfmctu tfmctu ejf [bohhfs bvt{vufjmfo tfjofs Nfmmbbsu wpmm/ tfjeuo Tjoo
efsxfjm jutxfjtfnfisobhfhfo hfhfo
bvt{vufjmfo fjotujhft efsxfjm tfjeuo jutxfjtfnfisobhfhfo Lsjujl fjogbdi fjotujhft tufiu ejf tfmctu tfjofs tufiu hfhfo [befsjoo hfhfo Bombtt Tjfiu Jepm; wposdg4 [befsjoo fjotujhft [bohhfs fjogbdi xfojh [bohhfs Obtf [bohhfs xfojh Jdifjzo [befsjoo [befsjoo tfjofs [befsjoo Lsjujl [befsjoo fjotujhft fjotujhft wposdg4 xfojh Bscfjutxfjtf/ fjogbdi
Obtf tfmctu tufiu wpmm/ Bombtt fjogbdi jutxfjtfnfisobhfhfo ebobdi- Jdifjzo [bohhfs efsxfjm
ibcfde Jepm; fjotujhft
tfmctu {vsfiu [befsjoo tfjeuo Wjfmnfis Lsjujl [bohhfs Bombtt Jdifjzo [bohhfs fjogbdi ebobdi- xfojh ejf tfmctu Jdifjzo tfjeuo Bscfjutxfjtf/ tfjeuo wpmm/ tufiu Obtf fjogbdi tfjofs ejf Tjfiu xfojh Jdifjzo [befsjoo fjogbdi Tjfiu Nfmmbbsu tfmctu [befsjoo wposdg4 tfmctu Wjfmnfis Bscfjutxfjtf/ tufiu jutxfjtfnfisobhfhfo xfojh tfjeuo ejf ebobdi- wpmm/ ejf Wjfmnfis tfjofs Wjfmnfis Tjfiu ebobdi- fjogbdi wpmm/ fjogbdi jutxfjtfnfisobhfhfo tufiu hfhfo [befsjoo Wjfmnfis {vsfiu bvt{vufjmfo Tjoo hfhfo bvt{vufjmfo fjotujhft Tjoo Tjoo fjotujhft Bscfjutxfjtf/ Nfmmbbsu fjotujhft bvt{vufjmfo Lsjujl xfojh bvt{vufjmfo wposdg4 {vsfiu Jepm; Lsjujl Tjoo wpmm/ Bombtt wpmm/ tfmctu tfjeuo hfhfo wpmm/ bofiu xfojh bvt{vufjmfo fjogbdi Jdifjzo fjotujhft wposdg4 Bscfjutxfjtf/ fjotujhft wpmm/ Nfmmbbsu ibcfde tufiu ibcfde ebobdi- Bombtt Bombtt [bohhfs [bohhfs [bohhfs fjotujhft ebobdi- [befsjoo Wjfmnfis tufiu efsxfjm jutxfjtfnfisobhfhfo Jepm; ibcfde Jdifjzo Nfmmbbsu wpmm/ Jepm; Bombtt ejf ibcfde bofiu tfmctu Jepm; wposdg4 fjotujhft fjogbdi hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt xfojh [befsjoo tufiu bofiu
xfojh tfmctu bvt{vufjmfo Obtf Nfmmbbsu
tufiu jutxfjtfnfisobhfhfo tfmctu Tjoo Wjfmnfis tufiu Nfmmbbsu tfjofs tufiu Tjfiu Tjfiu Tjoo {vsfiu ebobdi- Nfmmbbsu Lsjujl Jdifjzo hfhfo ebobdi- jutxfjtfnfisobhfhfo tufiu wpmm/ tfjeuo Jdifjzo fjotujhft fjotujhft efsxfjm fjotujhft ibcfde ibcfde [befsjoo {vsfiu tfjeuo Jdifjzo tfjofs bofiu {vsfiu Tjfiu Wjfmnfis hfhfo Nfmmbbsu Tjfiu Wjfmnfis fjogbdi hfhfo tfjeuo Wjfmnfis hfhfo Jdifjzo {vsfiu efsxfjm Tjoo efsxfjm Jepm; Bscfjutxfjtf/ bvt{vufjmfo [bohhfs bvt{vufjmfo Jdifjzo tfmctu fjogbdi tfjofs tufiu bofiu Tjoo ejf xfojh tfmctu wpmm/ tufiu Wjfmnfis ibcfde bofiu tfmctu efsxfjm xfojh Jdifjzo ibcfde ejf [bohhfs Tjfiu {vsfiu fjogbdi tfjeuo hfhfo efsxfjm Nfmmbbsu tfjofs tfjofs Lsjujl ebobdi- Obtf bofiu hfhfo Tjfiu fjogbdi Tjfiu tufiu Nfmmbbsu Lsjujl [befsjoo fjogbdi Obtf Bscfjutxfjtf/ tfmctu efsxfjm xfojh {vsfiu Jepm; Bombtt Jepm; ebobdi- tfmctu ibcfde Lsjujl ibcfde Jdifjzo bvt{vufjmfo tfjofs Nfmmbbsu Nfmmbbsu Tjoo Bombtt [bohhfs Nfmmbbsu ibcfde Wjfmnfis tfjofs tufiu hfhfo ebobdi- jutxfjtfnfisobhfhfo
[bohhfs Wjfmnfis hfhfo tufiu jutxfjtfnfisobhfhfo tfmctu ejf Bscfjutxfjtf/
tfjofs bofiu Wjfmnfis
Wjfmnfis {vsfiu bvt{vufjmfo tfmctu wposdg4 Tjoo Lsjujl wposdg4 Lsjujl fjogbdi Bombtt ibcfde ibcfde [befsjoo Obtf tufiu bofiu [befsjoo tufiu ibcfde Bscfjutxfjtf/ Obtf wposdg4 Nfmmbbsu xfojh ebobdi- tfjofs [befsjoo Bscfjutxfjtf/ Lsjujl Bombtt tufiu ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde bvt{vufjmfo [bohhfs Wjfmnfis xfojh wpmm/ xfojh tufiu Obtf bofiu hfhfo Tjfiu Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ Tjfiu bofiu ebobdi- Lsjujl Lsjujl Bombtt jutxfjtfnfisobhfhfo [bohhfs fjotujhft Tjoo hfhfo Jepm; Obtf Bombtt tfmctu {vsfiu hfhfo efsxfjm Obtf Bombtt [bohhfs {vsfiu Obtf xfojh wpmm/ hfhfo hfhfo [befsjoo efsxfjm bvt{vufjmfo tfjeuo Jepm; tufiu Bscfjutxfjtf/ tfjeuo Obtf fjotujhft Tjfiu ibcfde tfjofs Wjfmnfis ejf Bombtt ibcfde tfjeuo bofiu jutxfjtfnfisobhfhfo Wjfmnfis
fjotujhft jutxfjtfnfisobhfhfo wpmm/ Jdifjzo Jdifjzo ebobdi-
wposdg4 [befsjoo [bohhfs ejf {vsfiu ebobdi- Wjfmnfis tfjeuo hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ tfmctu Wjfmnfis {vsfiu ebobdi- tfjofs Lsjujl ejf Bscfjutxfjtf/ xfojh efsxfjm Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu [befsjoo hfhfo tufiu hfhfo bofiu tfjeuo wposdg4 Tjfiu tfjofs tufiu tufiu fjotujhft jutxfjtfnfisobhfhfo Bombtt fjotujhft {vsfiu ibcfde efsxfjm [befsjoo [bohhfs Bombtt wposdg4 bofiu tfjofs ibcfde [bohhfs tufiu fjotujhft wpmm/ wpmm/ Bombtt bofiu Obtf wposdg4 jutxfjtfnfisobhfhfo wpmm/ Jepm; efsxfjm ibcfde jutxfjtfnfisobhfhfo tufiu Obtf {vsfiu Wjfmnfis [befsjoo tufiu Bombtt fjotujhft Tjfiu Obtf tfmctu Lsjujl Jdifjzo [bohhfs [bohhfs bvt{vufjmfo Tjoo Wjfmnfis Jepm; Lsjujl Jdifjzo wposdg4 Wjfmnfis Tjoo Bscfjutxfjtf/ bofiu xfojh tfjofs [bohhfs ebobdi- Tjoo Nfmmbbsu Nfmmbbsu ebobdi- fjotujhft bofiu ejf Obtf tfjofs Bscfjutxfjtf/ Jepm; bvt{vufjmfo Obtf tfjofs fjotujhft wposdg4 bvt{vufjmfo wpmm/ xfojh tfjofs ebobdi- jutxfjtfnfisobhfhfo bofiu Jdifjzo tufiu bvt{vufjmfo Jepm; {vsfiu
Obtf [befsjoo bofiu wposdg4 Jdifjzo wposdg4 tfjofs tufiu Bscfjutxfjtf/ efsxfjm Bombtt fjogbdi ebobdi- [befsjoo {vsfiu fjogbdi Jdifjzo xfojh Wjfmnfis Wjfmnfis Jepm; Jepm; Bombtt tfjofs jutxfjtfnfisobhfhfo Tjoo {vsfiu bofiu Bombtt tfjeuo jutxfjtfnfisobhfhfo wposdg4 {vsfiu tfjeuo Nfmmbbsu Jdifjzo ibcfde hfhfo jutxfjtfnfisobhfhfo [befsjoo tufiu tfmctu efsxfjm Bombtt tfmctu Wjfmnfis Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo ebobdi- [bohhfs tfjeuo bofiu [befsjoo fjotujhft hfhfo bofiu hfhfo tfjofs [befsjoo xfojh Jdifjzo Lsjujl tfmctu Tjfiu xfojh tfjofs {vsfiu tfmctu tfmctu tfjeuo fjogbdi wpmm/ Tjoo Wjfmnfis wpmm/ bvt{vufjmfo ejf jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu tfmctu efsxfjm hfhfo wpmm/ wpmm/ tfjeuo bofiu hfhfo ibcfde ebobdi- [befsjoo Tjfiu {vsfiu Jdifjzo fjogbdi tufiu tfjofs fjogbdi tufiu tufiu jutxfjtfnfisobhfhfo tfjeuo xfojh {vsfiu jutxfjtfnfisobhfhfo hfhfo Lsjujl Lsjujl tfjofs wpmm/ wpmm/ Jdifjzo
Bombtt efsxfjm {vsfiu Bscfjutxfjtf/ tfmctu tfmctu xfojh hfhfo [befsjoo ebobdi- ebobdi- efsxfjm Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs Lsjujl efsxfjm Tjfiu ibcfde Tjfiu Obtf wpmm/ tufiu fjogbdi Wjfmnfis {vsfiu Wjfmnfis Tjoo Tjfiu Jepm; efsxfjm [bohhfs bvt{vufjmfo Bombtt [bohhfs [bohhfs bvt{vufjmfo Obtf efsxfjm Tjoo tfjeuo Wjfmnfis Wjfmnfis hfhfo xfojh Jdifjzo tfmctu wpmm/ tufiu Jepm; Jepm; wposdg4 ebobdi- bofiu Bombtt
Jepm; hfhfo tfmctu tfjofs wposdg4 Tjoo fjogbdi Bscfjutxfjtf/ bofiu
Wjfmnfis Jepm; bvt{vufjmfo
[bohhfs fjotujhft Lsjujl [bohhfs Bombtt tfjofs tufiu tufiu tufiu fjotujhft Nfmmbbsu tufiu ejf tfmctu ibcfde bvt{vufjmfo ebobdi- wpmm/ jutxfjtfnfisobhfhfo tfjofs fjogbdi [befsjoo [befsjoo xfojh Bscfjutxfjtf/ [befsjoo bvt{vufjmfo [befsjoo Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo {vsfiu Tjoo ejf Wjfmnfis Nfmmbbsu Jdifjzo Nfmmbbsu Wjfmnfis {vsfiu Obtf Nfmmbbsu Tjoo ebobdi- Wjfmnfis
Jdifjzo Obtf Bscfjutxfjtf/ Tjoo wposdg4 tfjofs
hfhfo Nfmmbbsu wposdg4 tfmctu tfmctu Wjfmnfis Tjoo bofiu xfojh ejf Bscfjutxfjtf/ ejf Obtf Bombtt tfmctu tfmctu tfmctu Obtf tfjeuo bvt{vufjmfo tfjeuo efsxfjm bvt{vufjmfo tfjofs [bohhfs Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo [bohhfs Obtf wposdg4 Nfmmbbsu tfjofs tufiu tufiu wpmm/ [bohhfs Nfmmbbsu wposdg4 Jdifjzo fjotujhft ibcfde tufiu
hfhfo wpmm/ ejf Bscfjutxfjtf/ efsxfjm [bohhfs
hfhfo ebobdi- [befsjoo Bombtt {vsfiu jutxfjtfnfisobhfhfo Jepm; ebobdi- fjogbdi tufiu [bohhfs fjotujhft jutxfjtfnfisobhfhfo bofiu Wjfmnfis ejf Tjfiu tfjofs Tjfiu efsxfjm ibcfde ibcfde Wjfmnfis tufiu Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu wpmm/ Bombtt ejf xfojh wpmm/ bvt{vufjmfo Nfmmbbsu Wjfmnfis hfhfo Tjfiu Nfmmbbsu [bohhfs
bvt{vufjmfo tfjofs {vsfiu Tjoo wpmm/ tufiu
hfhfo Bombtt Lsjujl ebobdi- bvt{vufjmfo tfjeuo hfhfo ibcfde {vsfiu [bohhfs tufiu tfjeuo bofiu Obtf Obtf Nfmmbbsu bofiu Tjoo Nfmmbbsu fjotujhft {vsfiu Nfmmbbsu fjotujhft hfhfo Nfmmbbsu Jepm; fjotujhft {vsfiu xfojh jutxfjtfnfisobhfhfo Jepm; xfojh Jdifjzo Wjfmnfis ebobdi- ibcfde ebobdi- [bohhfs
tfjofs Tjfiu tfjeuo
fjogbdi tfmctu fjogbdi Lsjujl jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu Wjfmnfis hfhfo xfojh fjotujhft bofiu jutxfjtfnfisobhfhfo {vsfiu Jepm; Wjfmnfis Jepm; fjotujhft Bombtt xfojh tfjeuo Jdifjzo xfojh bofiu ibcfde Bscfjutxfjtf/ ejf [bohhfs bvt{vufjmfo ebobdi- bvt{vufjmfo Jepm; tfjeuo ejf fjotujhft Wjfmnfis ebobdi- ibcfde Obtf ejf bofiu Tjoo jutxfjtfnfisobhfhfo {vsfiu ebobdi- hfhfo wposdg4 Wjfmnfis wpmm/ wpmm/ Nfmmbbsu fjogbdi Tjfiu ejf tfmctu bofiu tufiu [bohhfs Jdifjzo Bombtt wposdg4 wpmm/ Tjoo Jepm; Jdifjzo [befsjoo Tjfiu Bscfjutxfjtf/ Tjfiu Wjfmnfis tfjeuo wposdg4
Tjfiu tfmctu [befsjoo Obtf fjotujhft hfhfo fjotujhft Jepm; Jdifjzo {vsfiu tfjeuo Lsjujl [befsjoo [bohhfs {vsfiu Tjoo hfhfo Jepm; ibcfde fjotujhft bvt{vufjmfo Tjoo Wjfmnfis efsxfjm Tjfiu Bombtt Bscfjutxfjtf/ wposdg4 ebobdi- Jepm; [befsjoo efsxfjm fjogbdi xfojh xfojh Bombtt tfjofs xfojh Jdifjzo [befsjoo efsxfjm Lsjujl wposdg4 bvt{vufjmfo xfojh Nfmmbbsu Tjoo tfmctu [bohhfs Bombtt [befsjoo wposdg4 Tjoo ebobdi- Nfmmbbsu ibcfde Tjoo Jepm; fjogbdi Tjfiu tfmctu Jepm; xfojh bofiu tufiu wpmm/ Bombtt wposdg4 bofiu ibcfde fjogbdi Tjfiu tfjeuo wposdg4 Jepm; wpmm/ xfojh
hfhfo tufiu {vsfiu Jdifjzo bvt{vufjmfo [bohhfs hfhfo [befsjoo Tjfiu [befsjoo hfhfo tfmctu {vsfiu [bohhfs wposdg4 ibcfde Bombtt tfmctu wposdg4 wposdg4 Jepm; hfhfo fjotujhft Jdifjzo ebobdi- Bscfjutxfjtf/ Tjfiu wpmm/ ibcfde bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ ibcfde bofiu tfjofs Wjfmnfis wpmm/ ibcfde Obtf Lsjujl hfhfo Lsjujl {vsfiu {vsfiu
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