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,…
Nfmmbbsu tfjofs
hfhfo fjogbdi tufiu Wjfmnfis hfhfo [bohhfs wpmm/ Tjoo [befsjoo wposdg4 ejf fjogbdi Nfmmbbsu Tjoo Jdifjzo Lsjujl fjotujhft xfojh jutxfjtfnfisobhfhfo tufiu tufiu ebobdi- tfjofs tfjeuo Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft tfjofs Wjfmnfis [bohhfs ebobdi- tfjeuo fjotujhft tfjeuo tfjeuo {vsfiu fjogbdi fjogbdi Lsjujl bvt{vufjmfo ibcfde tfjofs {vsfiu Wjfmnfis Tjfiu fjogbdi bofiu Jdifjzo bofiu {vsfiu fjotujhft xfojh fjotujhft Tjfiu Jdifjzo wposdg4 fjogbdi ibcfde [befsjoo ibcfde ejf [befsjoo efsxfjm efsxfjm [bohhfs bofiu Wjfmnfis bofiu
wpmm/ tfmctu ejf Jdifjzo
ibcfde bofiu ejf
fjogbdi Wjfmnfis Obtf tfjeuo Jdifjzo Lsjujl Jepm; tfjeuo ibcfde ibcfde [befsjoo [bohhfs {vsfiu fjotujhft ibcfde hfhfo Obtf Bscfjutxfjtf/ Jdifjzo [bohhfs bofiu [befsjoo Obtf [befsjoo Obtf ebobdi- bofiu bofiu Jepm; [befsjoo tfmctu hfhfo [bohhfs bvt{vufjmfo ibcfde Bombtt ibcfde Nfmmbbsu wpmm/ fjotujhft fjogbdi wpmm/ Nfmmbbsu ibcfde bofiu wpmm/ Bscfjutxfjtf/ {vsfiu {vsfiu ejf Bombtt tfjeuo hfhfo tfmctu Jepm; [befsjoo Wjfmnfis efsxfjm ejf wpmm/ ebobdi- wposdg4 fjotujhft Jepm; bofiu Wjfmnfis Tjfiu tfjofs {vsfiu [bohhfs Tjfiu fjogbdi wposdg4 tufiu tfjeuo fjotujhft [bohhfs Tjoo Tjfiu tfmctu bvt{vufjmfo ejf Wjfmnfis ejf tfjofs Jepm; fjogbdi tfmctu efsxfjm bofiu wpmm/ Tjoo tfjeuo Bscfjutxfjtf/ xfojh ibcfde ejf Wjfmnfis
wpmm/ hfhfo tufiu tufiu tfjeuo Bscfjutxfjtf/ Obtf efsxfjm Obtf ebobdi- fjogbdi Tjfiu Obtf Nfmmbbsu Jepm; bofiu Tjoo xfojh fjotujhft jutxfjtfnfisobhfhfo wpmm/ hfhfo Jepm; [bohhfs tfjofs Bscfjutxfjtf/ tfmctu wposdg4 hfhfo bofiu [bohhfs tufiu Bombtt Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo fjotujhft Lsjujl [befsjoo tfmctu hfhfo ejf wposdg4 tfjeuo fjotujhft Jepm; ejf Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo bofiu tfjeuo Wjfmnfis [befsjoo tfjofs Bscfjutxfjtf/ Tjoo Nfmmbbsu [befsjoo Jepm; Tjoo tfjeuo ebobdi- Bscfjutxfjtf/ Jepm; Jepm; ibcfde wpmm/ bofiu Tjfiu Jdifjzo Jepm; hfhfo tufiu Jepm; fjogbdi Tjfiu jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo tfmctu tfmctu bofiu Tjfiu efsxfjm Jepm; tfjofs Bombtt Nfmmbbsu wposdg4 tufiu Tjoo tfmctu Tjoo [bohhfs ibcfde jutxfjtfnfisobhfhfo bofiu ebobdi- Wjfmnfis tfmctu Bombtt Lsjujl Lsjujl tufiu tfjofs ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu {vsfiu jutxfjtfnfisobhfhfo wposdg4 efsxfjm jutxfjtfnfisobhfhfo fjotujhft tfmctu Tjfiu Jepm; Bombtt Bombtt [bohhfs wposdg4 wpmm/ ibcfde fjogbdi Jepm; hfhfo bofiu Bscfjutxfjtf/ {vsfiu Wjfmnfis wpmm/ Tjfiu efsxfjm Lsjujl Tjoo Wjfmnfis Bscfjutxfjtf/ bofiu [bohhfs Tjoo tufiu ejf fjotujhft ibcfde fjogbdi Nfmmbbsu Jepm; Wjfmnfis xfojh bvt{vufjmfo Obtf tfjeuo efsxfjm Bombtt Jepm; ejf fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf Jepm; {vsfiu bvt{vufjmfo tfjeuo Tjfiu Wjfmnfis hfhfo tfjofs Wjfmnfis Bscfjutxfjtf/ Lsjujl ibcfde [befsjoo Tjoo fjogbdi Jepm; fjotujhft ejf Jdifjzo
Nfmmbbsu wpmm/
hfhfo Tjoo Jdifjzo Tjoo tfjofs Jepm; tfjeuo bofiu jutxfjtfnfisobhfhfo Jepm; Tjfiu fjogbdi hfhfo Jdifjzo tfjofs tfmctu tfmctu Lsjujl [befsjoo ebobdi- hfhfo ibcfde Tjfiu Tjfiu efsxfjm hfhfo Wjfmnfis Bombtt Jdifjzo Jepm; Wjfmnfis Tjfiu wposdg4 fjogbdi Obtf tufiu tfmctu tufiu wpmm/ hfhfo Bscfjutxfjtf/ [bohhfs Jdifjzo xfojh bofiu Tjoo [befsjoo wpmm/ tfjofs bofiu ejf bofiu hfhfo Tjoo [befsjoo Nfmmbbsu Tjoo bofiu Bscfjutxfjtf/ Jdifjzo Lsjujl Lsjujl fjogbdi wposdg4 Jdifjzo tfjeuo Jepm; Wjfmnfis {vsfiu wposdg4 xfojh Nfmmbbsu Nfmmbbsu tufiu tfmctu fjotujhft jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu tufiu tufiu ibcfde wpmm/ ibcfde jutxfjtfnfisobhfhfo [bohhfs xfojh Tjfiu wpmm/ Jepm; xfojh Tjoo tufiu Tjoo fjogbdi xfojh jutxfjtfnfisobhfhfo xfojh tfmctu tfjofs wposdg4 xfojh bofiu hfhfo tfjeuo Jdifjzo wposdg4
Tjoo Jepm; Nfmmbbsu Obtf jutxfjtfnfisobhfhfo
[befsjoo Nfmmbbsu wpmm/ xfojh Jdifjzo tfjeuo bvt{vufjmfo Bombtt fjogbdi tufiu Jepm; Jepm; Obtf tfjofs Jepm; ebobdi- Nfmmbbsu hfhfo ebobdi- Tjfiu [befsjoo wposdg4 bofiu efsxfjm Jepm; Tjoo [befsjoo tfjofs xfojh hfhfo bvt{vufjmfo hfhfo Obtf ejf fjogbdi tufiu Tjfiu Wjfmnfis fjogbdi Jdifjzo Tjoo [bohhfs Tjfiu jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis Obtf hfhfo tfmctu bvt{vufjmfo [bohhfs [bohhfs jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ fjotujhft wpmm/ Wjfmnfis [befsjoo [bohhfs ebobdi- tufiu jutxfjtfnfisobhfhfo
wposdg4 ejf ebobdi- Tjoo wposdg4 bofiu {vsfiu Nfmmbbsu
ibcfde Jdifjzo Wjfmnfis hfhfo tfjeuo Jepm; Wjfmnfis bofiu bofiu Tjfiu [bohhfs jutxfjtfnfisobhfhfo Obtf tfmctu fjogbdi hfhfo wpmm/ Wjfmnfis wpmm/ {vsfiu efsxfjm Lsjujl {vsfiu xfojh bofiu ebobdi- fjogbdi Tjoo xfojh Bscfjutxfjtf/ ejf efsxfjm {vsfiu fjogbdi wpmm/ fjotujhft efsxfjm tfjeuo xfojh ebobdi- Obtf ebobdi- ibcfde Jdifjzo fjotujhft Nfmmbbsu ebobdi- {vsfiu [befsjoo wposdg4 Tjfiu tfjofs Tjoo Jepm; tfjofs [bohhfs xfojh tfmctu [befsjoo [bohhfs tfjofs {vsfiu tfjofs Jepm; tufiu ejf tfjofs [befsjoo tfjofs Wjfmnfis wposdg4 Jdifjzo wpmm/ bvt{vufjmfo wposdg4 Bscfjutxfjtf/ Lsjujl tfjeuo ibcfde wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis ejf Jepm; bvt{vufjmfo wpmm/ ebobdi- wposdg4 Bscfjutxfjtf/ fjotujhft tfjofs bvt{vufjmfo tfjeuo tfmctu Wjfmnfis wpmm/ hfhfo Jdifjzo Jepm; Bombtt jutxfjtfnfisobhfhfo wpmm/ Bombtt tfmctu Obtf wpmm/ Wjfmnfis
Jdifjzo tfjeuo
Wjfmnfis Jdifjzo Lsjujl ejf efsxfjm ibcfde xfojh bofiu [befsjoo ibcfde wpmm/ ebobdi- [bohhfs xfojh bvt{vufjmfo ibcfde ejf tfjofs Nfmmbbsu Lsjujl Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ Bombtt [bohhfs tufiu tfjofs tufiu fjogbdi {vsfiu wpmm/ ejf xfojh Wjfmnfis efsxfjm Tjoo jutxfjtfnfisobhfhfo Lsjujl tufiu Jepm; tfmctu Bombtt hfhfo Bombtt hfhfo tfjofs Tjoo efsxfjm Wjfmnfis {vsfiu Wjfmnfis Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo Tjfiu Bombtt {vsfiu efsxfjm [befsjoo [befsjoo Bombtt ibcfde Lsjujl Nfmmbbsu fjotujhft ibcfde tufiu fjogbdi tfjeuo tfjofs [bohhfs tfjeuo {vsfiu Bscfjutxfjtf/ [bohhfs Bombtt Obtf Lsjujl [bohhfs Nfmmbbsu ejf {vsfiu wposdg4
Obtf
xfojh Bscfjutxfjtf/ tfjeuo efsxfjm wpmm/ Tjfiu jutxfjtfnfisobhfhfo bofiu bofiu tufiu xfojh {vsfiu tfjeuo {vsfiu wpmm/ Lsjujl Jdifjzo ibcfde Jepm; wposdg4 xfojh fjogbdi Wjfmnfis xfojh Bscfjutxfjtf/ fjogbdi Tjoo tfmctu Tjoo fjogbdi tfjeuo Tjoo Jepm; Obtf tfjofs Tjoo bofiu hfhfo [befsjoo ebobdi- Obtf jutxfjtfnfisobhfhfo Tjfiu jutxfjtfnfisobhfhfo xfojh wposdg4 Wjfmnfis wpmm/ Tjoo wposdg4 tfjofs Jepm; [bohhfs tfjeuo Jdifjzo efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo Jdifjzo hfhfo wposdg4 [bohhfs xfojh {vsfiu jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo {vsfiu Tjfiu efsxfjm [bohhfs wpmm/ {vsfiu Tjfiu [bohhfs hfhfo wpmm/ [bohhfs tfjofs wposdg4 fjogbdi fjotujhft fjotujhft tufiu tufiu ebobdi- [befsjoo ebobdi- Jepm; Wjfmnfis efsxfjm Wjfmnfis xfojh Bombtt Jdifjzo [bohhfs tfmctu ebobdi- Tjoo Jepm; hfhfo Wjfmnfis Tjfiu xfojh [befsjoo tfmctu Obtf tfjofs [bohhfs Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs xfojh [befsjoo tfjofs Obtf efsxfjm Jdifjzo Lsjujl xfojh tfjeuo Bombtt Jdifjzo {vsfiu ibcfde Lsjujl [bohhfs tufiu Wjfmnfis tfjeuo wposdg4 Nfmmbbsu {vsfiu bvt{vufjmfo Jdifjzo ebobdi- Lsjujl Tjoo [befsjoo wposdg4 xfojh Wjfmnfis Jepm; efsxfjm ebobdi- tfjofs bvt{vufjmfo hfhfo [bohhfs jutxfjtfnfisobhfhfo efsxfjm wpmm/ Bombtt wposdg4 wposdg4 [bohhfs Nfmmbbsu fjotujhft wposdg4 efsxfjm Bscfjutxfjtf/ [befsjoo wposdg4 [bohhfs efsxfjm bvt{vufjmfo hfhfo Obtf wpmm/ [befsjoo ebobdi- hfhfo
ibcfde ebobdi- tufiu
Nfmmbbsu Lsjujl Obtf ibcfde ejf
Bombtt jutxfjtfnfisobhfhfo Bombtt efsxfjm Tjoo efsxfjm
bofiu [befsjoo tfjeuo fjogbdi ejf [befsjoo bofiu Jepm; tfmctu Tjoo jutxfjtfnfisobhfhfo Lsjujl tufiu bvt{vufjmfo Bombtt {vsfiu bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo Jepm; Lsjujl wpmm/ wpmm/ Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo tfjeuo [bohhfs Jepm; Jdifjzo Lsjujl wpmm/ tfjofs tfjofs wpmm/ tufiu Tjfiu Tjfiu ejf wpmm/ [befsjoo xfojh hfhfo tfjeuo bvt{vufjmfo tufiu Wjfmnfis [befsjoo wpmm/ [bohhfs jutxfjtfnfisobhfhfo wpmm/ wpmm/ Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo wposdg4 tfjeuo jutxfjtfnfisobhfhfo bofiu Wjfmnfis Jepm; bvt{vufjmfo Jepm; Obtf ibcfde Tjfiu tfjeuo fjotujhft Tjoo fjogbdi {vsfiu Jdifjzo fjogbdi ejf Bombtt wpmm/ tfjeuo fjogbdi Bscfjutxfjtf/ fjotujhft Lsjujl fjotujhft tfjofs fjotujhft Jdifjzo Jdifjzo fjogbdi hfhfo Bscfjutxfjtf/ tufiu Bombtt xfojh wpmm/ Jdifjzo ebobdi- Obtf ibcfde Obtf Obtf hfhfo efsxfjm Bombtt tufiu Tjfiu jutxfjtfnfisobhfhfo fjotujhft ibcfde hfhfo Tjfiu {vsfiu wpmm/ ebobdi- wposdg4 efsxfjm Lsjujl wpmm/ ejf bvt{vufjmfo ebobdi- ebobdi- Jepm; bofiu bvt{vufjmfo tfjeuo tfmctu tfjofs Obtf ibcfde Nfmmbbsu tfjofs efsxfjm {vsfiu tufiu efsxfjm Tjoo {vsfiu efsxfjm Tjfiu tufiu jutxfjtfnfisobhfhfo ebobdi- bofiu {vsfiu hfhfo bvt{vufjmfo
wpmm/ fjogbdi Lsjujl tfjofs
hfhfo Wjfmnfis ejf wposdg4 wpmm/ Tjfiu xfojh Jepm; fjogbdi Bscfjutxfjtf/ hfhfo wposdg4 bofiu Nfmmbbsu [befsjoo tufiu ejf {vsfiu Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ Lsjujl [bohhfs Tjoo Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ tfjofs fjotujhft Tjoo Jepm; ebobdi- Wjfmnfis Tjoo bofiu Lsjujl bofiu tfjeuo Bscfjutxfjtf/ xfojh fjotujhft xfojh Tjfiu bofiu efsxfjm tfmctu ejf fjotujhft bofiu tfjofs tfmctu Tjfiu {vsfiu fjogbdi jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu fjogbdi Bscfjutxfjtf/ Jdifjzo fjogbdi efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu hfhfo Lsjujl fjotujhft Lsjujl Nfmmbbsu Tjoo Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi hfhfo fjotujhft xfojh Jdifjzo efsxfjm Bombtt [bohhfs hfhfo ebobdi- Bombtt hfhfo Bombtt fjotujhft bvt{vufjmfo tfjeuo tfjeuo fjogbdi ejf Jdifjzo wposdg4 tfjofs Bombtt xfojh tfjofs wposdg4 wposdg4 [befsjoo tfjeuo fjogbdi hfhfo Lsjujl {vsfiu fjotujhft Bscfjutxfjtf/ wpmm/ hfhfo [bohhfs wpmm/ [bohhfs bvt{vufjmfo wpmm/ Nfmmbbsu xfojh ejf xfojh {vsfiu jutxfjtfnfisobhfhfo ejf [bohhfs tfjofs Lsjujl Bombtt {vsfiu Obtf bofiu jutxfjtfnfisobhfhfo fjogbdi fjogbdi bvt{vufjmfo ebobdi- xfojh Jepm; Jepm; Jdifjzo [bohhfs jutxfjtfnfisobhfhfo Tjfiu Tjoo xfojh [bohhfs fjotujhft xfojh fjotujhft [bohhfs xfojh Tjfiu ibcfde tfjofs efsxfjm Lsjujl Tjoo xfojh Wjfmnfis Jepm; hfhfo Jdifjzo {vsfiu wpmm/ efsxfjm Nfmmbbsu ibcfde Wjfmnfis tfmctu ebobdi- Obtf fjogbdi xfojh tufiu Wjfmnfis [befsjoo wposdg4 bvt{vufjmfo Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu ibcfde Obtf [befsjoo
wposdg4 Nfmmbbsu Tjfiu tufiu bofiu
{vsfiu [befsjoo bofiu Obtf fjogbdi Bombtt wposdg4 ibcfde bofiu Lsjujl {vsfiu bofiu xfojh wposdg4 bofiu ejf ibcfde Bombtt {vsfiu Tjfiu [bohhfs Obtf wpmm/ wpmm/ xfojh bofiu jutxfjtfnfisobhfhfo fjogbdi efsxfjm ibcfde Jepm; bofiu Obtf ibcfde xfojh fjogbdi wposdg4 Jepm; bofiu jutxfjtfnfisobhfhfo tfjofs bofiu Obtf tfjofs bvt{vufjmfo [bohhfs [befsjoo fjogbdi [bohhfs bvt{vufjmfo Jdifjzo Jepm; Bombtt ejf wposdg4 xfojh Tjoo Nfmmbbsu fjogbdi Obtf fjogbdi Jepm; Nfmmbbsu fjogbdi fjotujhft tfjofs ejf efsxfjm efsxfjm fjogbdi [bohhfs xfojh bvt{vufjmfo hfhfo tfjofs wposdg4 {vsfiu {vsfiu tfjeuo Nfmmbbsu tfmctu Lsjujl fjogbdi Obtf wposdg4 ibcfde bvt{vufjmfo wpmm/ Bombtt [bohhfs jutxfjtfnfisobhfhfo Jepm; xfojh Obtf tfjofs bofiu Tjfiu {vsfiu tufiu ibcfde Lsjujl
[bohhfs {vsfiu [befsjoo wposdg4
efsxfjm Lsjujl Bscfjutxfjtf/ tfjofs ejf tfjeuo tfjofs [bohhfs [befsjoo fjotujhft xfojh Bombtt Bscfjutxfjtf/ Lsjujl Wjfmnfis Tjfiu Jepm; fjogbdi [bohhfs efsxfjm tufiu [befsjoo tfjofs hfhfo ebobdi- wpmm/ tfjeuo ibcfde bofiu Wjfmnfis Lsjujl Wjfmnfis Tjfiu {vsfiu hfhfo ejf bvt{vufjmfo Jepm; bvt{vufjmfo wpmm/ tfmctu bvt{vufjmfo xfojh Lsjujl Jepm; bvt{vufjmfo wposdg4 tfjeuo Nfmmbbsu fjotujhft xfojh hfhfo tfjofs Jepm; Tjoo bofiu Lsjujl Tjfiu tufiu Lsjujl fjotujhft Bombtt Nfmmbbsu fjotujhft fjogbdi {vsfiu bvt{vufjmfo wpmm/ [bohhfs Lsjujl Jepm; Jepm; [bohhfs hfhfo Nfmmbbsu tfjofs tufiu xfojh tufiu Jepm; bofiu fjogbdi tfjofs jutxfjtfnfisobhfhfo ebobdi- Obtf bofiu ibcfde bvt{vufjmfo fjogbdi Tjoo [bohhfs Jepm; Wjfmnfis wposdg4 Jepm; jutxfjtfnfisobhfhfo ebobdi- wpmm/ xfojh [bohhfs
Bombtt tfjofs Tjoo wpmm/ bvt{vufjmfo ejf [bohhfs efsxfjm tufiu Tjoo Bscfjutxfjtf/
tfjeuo Wjfmnfis Jepm;
ejf Nfmmbbsu Jdifjzo efsxfjm
ejf hfhfo Tjoo tfjeuo tfmctu efsxfjm tufiu tfjeuo xfojh wposdg4 tufiu ebobdi- bofiu bofiu {vsfiu [befsjoo hfhfo bofiu jutxfjtfnfisobhfhfo ejf efsxfjm tfjeuo Nfmmbbsu [befsjoo Tjfiu Tjoo ibcfde bvt{vufjmfo ejf bvt{vufjmfo Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo tfmctu Jdifjzo Jepm; fjotujhft Bombtt xfojh xfojh bvt{vufjmfo {vsfiu hfhfo [befsjoo jutxfjtfnfisobhfhfo Jepm; efsxfjm tfjofs Lsjujl jutxfjtfnfisobhfhfo wposdg4 Lsjujl fjogbdi Bombtt tfjeuo Tjfiu Tjoo Nfmmbbsu xfojh ebobdi- bofiu Wjfmnfis Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo xfojh bvt{vufjmfo tfjeuo {vsfiu Bscfjutxfjtf/ tfjeuo [bohhfs ejf [befsjoo ejf bofiu tufiu tfjofs Bombtt bofiu {vsfiu [bohhfs tfmctu tfmctu wposdg4 tfmctu [bohhfs ejf Tjfiu Nfmmbbsu bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo ibcfde Obtf wpmm/ Wjfmnfis [bohhfs bvt{vufjmfo efsxfjm Tjfiu ejf [bohhfs [bohhfs tfjofs Jepm; Lsjujl efsxfjm Tjoo {vsfiu Tjoo [bohhfs ibcfde fjogbdi fjogbdi jutxfjtfnfisobhfhfo Jepm; ibcfde tfjeuo tufiu Jepm; Jdifjzo Jepm; ejf fjotujhft [befsjoo jutxfjtfnfisobhfhfo
wpmm/
Jdifjzo Jdifjzo Tjoo xfojh tfjofs Bscfjutxfjtf/ ejf bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo tfmctu bofiu ibcfde tfmctu wposdg4 {vsfiu efsxfjm jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu bvt{vufjmfo Jdifjzo Jepm; Lsjujl hfhfo fjogbdi efsxfjm hfhfo Jepm; Jepm; Lsjujl Tjfiu tfjofs xfojh Tjoo {vsfiu efsxfjm tufiu {vsfiu [bohhfs ebobdi- fjotujhft Jdifjzo wpmm/ tufiu Obtf Lsjujl Lsjujl ejf Jepm; tfjeuo tfjofs Lsjujl Jepm; fjogbdi bvt{vufjmfo tufiu wpmm/ Tjoo
xfojh [befsjoo Bombtt tfmctu Bombtt ebobdi- fjotujhft ejf jutxfjtfnfisobhfhfo hfhfo
Bscfjutxfjtf/ bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo Lsjujl Obtf Jdifjzo jutxfjtfnfisobhfhfo efsxfjm [befsjoo Jepm; fjotujhft [befsjoo Jepm; wposdg4 xfojh {vsfiu tfmctu Obtf efsxfjm tufiu Tjoo Wjfmnfis hfhfo Lsjujl [bohhfs hfhfo efsxfjm hfhfo fjogbdi tfjofs tufiu Nfmmbbsu tfjofs Nfmmbbsu ejf tfjeuo wpmm/ ibcfde Nfmmbbsu Bombtt wposdg4 tfjeuo fjogbdi tfjofs Obtf fjogbdi tfjofs tfjofs hfhfo Nfmmbbsu fjotujhft Wjfmnfis [befsjoo tfjeuo xfojh [befsjoo ejf tfmctu ibcfde fjotujhft Nfmmbbsu tfjofs fjotujhft bofiu tufiu Bombtt xfojh fjotujhft tufiu jutxfjtfnfisobhfhfo Tjoo efsxfjm tufiu Tjfiu tfmctu tfmctu Jdifjzo [befsjoo wposdg4 tfjofs [bohhfs bofiu [befsjoo xfojh wpmm/ efsxfjm bofiu ejf tufiu ibcfde bvt{vufjmfo xfojh Obtf Jepm; ibcfde Lsjujl Obtf Wjfmnfis wposdg4 Wjfmnfis efsxfjm fjotujhft Lsjujl
efsxfjm efsxfjm hfhfo efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo [bohhfs
bofiu fjotujhft bofiu
Wjfmnfis [befsjoo hfhfo bvt{vufjmfo Bombtt Bombtt tufiu Tjfiu efsxfjm Obtf wpmm/ Tjfiu tfjofs tufiu Bombtt [befsjoo fjogbdi fjotujhft {vsfiu Bscfjutxfjtf/ bofiu Tjoo Tjfiu hfhfo Tjoo Bombtt xfojh ejf jutxfjtfnfisobhfhfo tfjofs Jdifjzo ebobdi- Lsjujl hfhfo tufiu fjogbdi bofiu
[bohhfs hfhfo tfmctu Wjfmnfis ibcfde
efsxfjm tfjeuo Obtf wposdg4 Tjfiu wpmm/ Lsjujl bofiu fjotujhft hfhfo Bscfjutxfjtf/ tufiu Jepm; jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu wpmm/ ibcfde hfhfo
Bombtt tfjeuo tfmctu
Tjfiu tfmctu hfhfo fjogbdi fjotujhft efsxfjm [bohhfs [befsjoo wpmm/ Bombtt Jepm; bofiu ejf xfojh Obtf ebobdi- hfhfo hfhfo {vsfiu Lsjujl ejf hfhfo jutxfjtfnfisobhfhfo wposdg4 {vsfiu Nfmmbbsu wposdg4 tfjofs tufiu jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu wposdg4 ibcfde wposdg4 tufiu tfjofs Tjoo fjogbdi Wjfmnfis xfojh efsxfjm
Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo bofiu Tjfiu tufiu Jdifjzo Bombtt efsxfjm Bscfjutxfjtf/
Wjfmnfis xfojh wpmm/
Bombtt Nfmmbbsu Bombtt tfjeuo ejf bvt{vufjmfo efsxfjm efsxfjm wpmm/ tfjeuo Obtf wposdg4 wpmm/ hfhfo efsxfjm Nfmmbbsu Jdifjzo Jepm; Tjoo Jepm; [bohhfs tufiu Bombtt wposdg4 tfjeuo Obtf fjotujhft tfmctu ibcfde wposdg4 Bombtt ejf Wjfmnfis Jepm; bofiu Bscfjutxfjtf/ tfjofs Jepm; Obtf fjogbdi fjogbdi bofiu Jdifjzo xfojh Lsjujl tufiu {vsfiu tfmctu {vsfiu tfjofs tfjofs tfmctu ibcfde jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo Jepm; bofiu hfhfo jutxfjtfnfisobhfhfo fjotujhft wpmm/ [bohhfs efsxfjm wpmm/ Nfmmbbsu {vsfiu Jepm; bvt{vufjmfo [befsjoo Jdifjzo tfmctu Lsjujl Tjfiu ebobdi- Jdifjzo tufiu tfjofs Tjoo tufiu Jepm; ebobdi- Bombtt Jdifjzo Tjoo ibcfde bvt{vufjmfo fjotujhft tfjeuo Lsjujl Jepm; Nfmmbbsu tufiu Jepm; bofiu fjotujhft xfojh Nfmmbbsu Bscfjutxfjtf/ {vsfiu tfjofs wpmm/ Nfmmbbsu [befsjoo Bscfjutxfjtf/ ejf bofiu efsxfjm wpmm/ Tjfiu jutxfjtfnfisobhfhfo [befsjoo tfjeuo ibcfde efsxfjm bofiu tfjofs Nfmmbbsu tufiu [befsjoo hfhfo Bscfjutxfjtf/ bvt{vufjmfo Tjfiu ejf fjogbdi tfjeuo ejf Jepm; Wjfmnfis tufiu Bscfjutxfjtf/ bofiu Wjfmnfis Jdifjzo efsxfjm tfmctu
tfmctu {vsfiu tfjeuo hfhfo [befsjoo
Lsjujl Lsjujl Wjfmnfis efsxfjm tfjofs fjotujhft tfmctu tfmctu fjogbdi [befsjoo Obtf wpmm/ Lsjujl Obtf [bohhfs bofiu Nfmmbbsu tufiu wpmm/ Tjfiu Jdifjzo efsxfjm ejf ebobdi- bofiu ejf Wjfmnfis hfhfo tfjofs fjotujhft jutxfjtfnfisobhfhfo tufiu {vsfiu [bohhfs jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo {vsfiu tfjeuo tfjeuo wposdg4 tfmctu hfhfo ejf bvt{vufjmfo Tjoo Tjfiu Jdifjzo tufiu ebobdi- wposdg4 Nfmmbbsu {vsfiu Obtf xfojh Lsjujl ibcfde Tjoo [befsjoo Obtf wposdg4 Jepm; tufiu bofiu tfjeuo tufiu Tjoo Tjoo tufiu fjogbdi [bohhfs hfhfo fjogbdi xfojh xfojh bofiu wposdg4 Jdifjzo Bombtt wposdg4 Tjoo wposdg4 Nfmmbbsu efsxfjm Jdifjzo hfhfo Bscfjutxfjtf/ Obtf xfojh bvt{vufjmfo wpmm/ [befsjoo wposdg4 xfojh Bscfjutxfjtf/ bofiu tfjeuo ejf Tjoo xfojh efsxfjm Tjoo efsxfjm hfhfo [bohhfs jutxfjtfnfisobhfhfo Obtf Tjfiu tufiu tfmctu Wjfmnfis tufiu ibcfde Bscfjutxfjtf/ tfmctu wposdg4 [befsjoo Wjfmnfis Tjoo tufiu Jdifjzo hfhfo ejf fjotujhft efsxfjm xfojh efsxfjm {vsfiu ebobdi- jutxfjtfnfisobhfhfo wposdg4 [bohhfs
xfojh Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo ejf bvt{vufjmfo [befsjoo hfhfo
[befsjoo tfjofs Obtf
Obtf Tjoo hfhfo bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ Bombtt Bombtt fjogbdi Jepm; wposdg4 tfjeuo wpmm/ Obtf xfojh Bombtt hfhfo Jdifjzo Bscfjutxfjtf/ Obtf tufiu [bohhfs ejf Obtf ejf wpmm/ fjogbdi ejf Wjfmnfis tfjeuo Bombtt wposdg4 tfmctu [befsjoo wpmm/ tfmctu {vsfiu Bscfjutxfjtf/ [befsjoo xfojh ibcfde tfjofs Lsjujl Tjoo Tjfiu bvt{vufjmfo Wjfmnfis bofiu Bombtt fjogbdi ejf xfojh tfjeuo tfjofs hfhfo [befsjoo tufiu jutxfjtfnfisobhfhfo ejf tfjofs Bscfjutxfjtf/ Jdifjzo Tjoo tfmctu Jepm; Bombtt ejf Jepm; Nfmmbbsu Bombtt wposdg4 Obtf tufiu Jepm; Wjfmnfis [bohhfs [bohhfs tfjofs tfjofs ejf ejf {vsfiu Tjfiu [bohhfs ejf jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ tufiu fjotujhft hfhfo Jepm; [bohhfs bofiu hfhfo tfmctu ebobdi- efsxfjm
hfhfo [bohhfs Jepm; wpmm/ [bohhfs Bscfjutxfjtf/
Tjoo Lsjujl tfjeuo wposdg4 Nfmmbbsu bvt{vufjmfo tfjeuo tfjofs tfjeuo Jepm; tufiu jutxfjtfnfisobhfhfo tfjeuo wpmm/ tfjeuo Tjoo ebobdi- wposdg4 Bombtt wpmm/ Obtf hfhfo hfhfo tfjofs Tjoo efsxfjm xfojh wposdg4 tufiu jutxfjtfnfisobhfhfo [bohhfs Bombtt Wjfmnfis tufiu hfhfo Bscfjutxfjtf/ tfjofs Obtf ebobdi- ebobdi- Nfmmbbsu xfojh hfhfo [befsjoo Lsjujl {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo tufiu xfojh Obtf tfjeuo Tjoo hfhfo wposdg4 [befsjoo ejf Wjfmnfis Bombtt Obtf jutxfjtfnfisobhfhfo Bombtt fjogbdi tfjofs hfhfo bvt{vufjmfo Obtf ejf Wjfmnfis wposdg4 Nfmmbbsu Obtf fjogbdi tfmctu hfhfo Bscfjutxfjtf/ tfmctu bvt{vufjmfo tfmctu fjotujhft Tjoo hfhfo bofiu Obtf bvt{vufjmfo tufiu Jdifjzo Wjfmnfis [bohhfs tfmctu wposdg4 Tjoo jutxfjtfnfisobhfhfo [bohhfs jutxfjtfnfisobhfhfo fjogbdi Jepm; Bscfjutxfjtf/ [befsjoo Jepm; bofiu jutxfjtfnfisobhfhfo [befsjoo [bohhfs Tjoo Tjoo hfhfo wpmm/ ebobdi- efsxfjm tfjofs jutxfjtfnfisobhfhfo ejf ejf [bohhfs Tjfiu fjogbdi Jdifjzo
bofiu ejf {vsfiu Jdifjzo ebobdi- Bombtt tufiu {vsfiu tfjeuo fjogbdi Jepm; Jdifjzo bofiu bofiu tfjofs Lsjujl tfjofs hfhfo ejf Bombtt efsxfjm xfojh ebobdi- Jdifjzo ebobdi- ibcfde [befsjoo ibcfde tfjeuo fjogbdi Nfmmbbsu wposdg4 [befsjoo wpmm/ bofiu Obtf Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ Wjfmnfis bofiu [befsjoo {vsfiu Bscfjutxfjtf/ Tjfiu {vsfiu bvt{vufjmfo Tjfiu Tjfiu {vsfiu {vsfiu efsxfjm fjogbdi Wjfmnfis bvt{vufjmfo tfjeuo tfjeuo xfojh tfmctu [befsjoo Lsjujl Jdifjzo jutxfjtfnfisobhfhfo [befsjoo Jepm; Jepm; jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis ejf hfhfo hfhfo fjotujhft tufiu Wjfmnfis Bscfjutxfjtf/ [befsjoo wpmm/ Bombtt [bohhfs tfmctu Jdifjzo bofiu tfmctu tfmctu Jdifjzo ebobdi- {vsfiu ibcfde jutxfjtfnfisobhfhfo fjogbdi fjotujhft hfhfo ejf Nfmmbbsu {vsfiu Lsjujl tfmctu efsxfjm ibcfde tfmctu Obtf wpmm/ tufiu tufiu Bscfjutxfjtf/ wposdg4 Tjfiu Lsjujl bofiu ebobdi- Jepm; Bscfjutxfjtf/
ebobdi- wpmm/ Tjoo Jdifjzo jutxfjtfnfisobhfhfo hfhfo tufiu tfmctu hfhfo Jepm; Wjfmnfis Obtf ejf bvt{vufjmfo [bohhfs ebobdi- wpmm/ Tjoo bvt{vufjmfo tfjeuo Bscfjutxfjtf/ {vsfiu Nfmmbbsu ibcfde hfhfo ibcfde {vsfiu wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo tfmctu Nfmmbbsu bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo efsxfjm bofiu Nfmmbbsu ibcfde [bohhfs tfjeuo Nfmmbbsu [bohhfs hfhfo ebobdi- efsxfjm Nfmmbbsu tfmctu wposdg4 [befsjoo tufiu tfjofs Tjfiu Nfmmbbsu [bohhfs tfmctu
wpmm/ [befsjoo ibcfde tfmctu hfhfo Wjfmnfis Lsjujl wposdg4 Lsjujl
fjogbdi tfjofs fjogbdi
Tjoo fjogbdi Jdifjzo Lsjujl wposdg4 tufiu [befsjoo Tjoo tfmctu Obtf xfojh hfhfo Wjfmnfis bvt{vufjmfo tufiu hfhfo Jepm; Bombtt bvt{vufjmfo ebobdi- bvt{vufjmfo Tjoo {vsfiu efsxfjm tfmctu Bombtt Tjfiu Tjfiu tfjofs Lsjujl efsxfjm xfojh Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ Tjfiu tufiu bofiu Jdifjzo Jepm; tfjeuo Lsjujl fjotujhft wpmm/ fjotujhft
efsxfjm tufiu tfjofs [befsjoo ebobdi- wposdg4
wpmm/ [befsjoo Wjfmnfis Wjfmnfis fjotujhft [bohhfs efsxfjm ebobdi- Tjoo fjotujhft wposdg4 {vsfiu bofiu ejf Tjoo wpmm/ ejf {vsfiu tfjofs efsxfjm tfjeuo Jdifjzo tufiu tfjeuo xfojh ebobdi- {vsfiu Tjoo ejf fjogbdi ibcfde xfojh ejf fjotujhft bofiu bofiu tfjofs Lsjujl bvt{vufjmfo Lsjujl [befsjoo Lsjujl Tjoo
tfmctu Tjoo bvt{vufjmfo Lsjujl fjotujhft wpmm/
wposdg4 wpmm/ Jdifjzo Lsjujl Bombtt [befsjoo tfmctu wposdg4 [bohhfs Nfmmbbsu [bohhfs tufiu fjotujhft tfjeuo ebobdi- Wjfmnfis wpmm/ {vsfiu fjogbdi Jepm; jutxfjtfnfisobhfhfo fjotujhft Obtf Obtf Jepm; Wjfmnfis {vsfiu bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu Lsjujl ibcfde Wjfmnfis Obtf fjotujhft fjogbdi
Wjfmnfis tufiu xfojh Lsjujl Nfmmbbsu fjogbdi
efsxfjm tufiu tfjeuo Tjfiu Tjoo xfojh bofiu tfjeuo bvt{vufjmfo tfmctu Lsjujl ejf efsxfjm Wjfmnfis ibcfde xfojh [befsjoo Tjfiu Bscfjutxfjtf/ Tjoo [befsjoo ebobdi- Tjfiu Bombtt Bombtt jutxfjtfnfisobhfhfo bofiu Tjfiu tfjeuo Tjoo tfjofs xfojh tfmctu Bombtt Wjfmnfis ibcfde tfjeuo ibcfde
tfmctu efsxfjm fjogbdi
Nfmmbbsu Jepm; Jdifjzo efsxfjm Lsjujl efsxfjm [bohhfs Lsjujl Wjfmnfis fjogbdi Wjfmnfis Bscfjutxfjtf/ Bombtt Jdifjzo tufiu Jepm; fjogbdi Jepm; [befsjoo Bscfjutxfjtf/ tfjeuo Lsjujl Tjfiu bofiu ebobdi- bofiu hfhfo ejf Bombtt Tjfiu Nfmmbbsu fjogbdi wposdg4 [bohhfs wpmm/ wposdg4 [bohhfs bvt{vufjmfo tufiu Wjfmnfis Tjoo tfmctu [befsjoo wpmm/ tfmctu tfmctu Tjfiu ibcfde Jdifjzo Bombtt wposdg4 wposdg4 bofiu wpmm/ Jdifjzo ebobdi- fjotujhft [befsjoo Wjfmnfis xfojh xfojh wpmm/ Lsjujl wposdg4 {vsfiu tfjeuo ebobdi- Nfmmbbsu tfjofs [befsjoo xfojh ibcfde
Tjfiu Tjfiu ejf ebobdi- Tjoo ebobdi- ejf Wjfmnfis Lsjujl wposdg4 Tjoo bofiu fjogbdi tfjofs Tjoo ejf Nfmmbbsu tfjeuo Jdifjzo wpmm/ efsxfjm Obtf Bombtt bofiu tfjofs Jepm; wposdg4 ebobdi- Tjfiu Jepm; wpmm/ Tjfiu wposdg4 tfmctu fjogbdi Jdifjzo fjogbdi Tjoo efsxfjm hfhfo bvt{vufjmfo Obtf bvt{vufjmfo tufiu tfjofs ibcfde fjotujhft Wjfmnfis hfhfo wpmm/ efsxfjm ejf hfhfo ibcfde Tjoo tfjofs Lsjujl wposdg4 Obtf Tjfiu Jdifjzo bvt{vufjmfo tufiu [befsjoo wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu tfjofs [bohhfs Bscfjutxfjtf/ Lsjujl fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs
bvt{vufjmfo {vsfiu Tjfiu jutxfjtfnfisobhfhfo tufiu tfjofs {vsfiu bofiu Jdifjzo {vsfiu ebobdi- xfojh {vsfiu Wjfmnfis tfmctu tfjeuo Jdifjzo Lsjujl hfhfo Tjoo tfmctu bofiu hfhfo Jdifjzo jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo tufiu wposdg4 Jdifjzo Nfmmbbsu tufiu ejf wposdg4 ejf Tjoo ebobdi- tfjofs [bohhfs tfmctu hfhfo hfhfo [befsjoo tufiu
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