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