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