Ampne [= amne] parit pueros elephas draco ne necet illos
Ne draco predetur [= praedetur] animas baptisma tuetur.
I'll admit I couldn't decipher all of the words (elephas in particular is illegible, and it's kind of an important word), but it looks like it's an excerpt from the Latin translation of the Physiologus, which is how I managed to fill in the blanks.
The elephant births its children in the river, so that the dragon does not kill them.
So that the dragon not prey on their souls, it performs a baptism.