Deerfield Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ABBVIE INC	COM	00287Y109	25,507	617,000	SH		DFND	1	617,000	0	0
ACADIA PHARMACEUTICALS INC	COM	004225108	19,368	1,067,115	SH		DFND	1	1,067,115	0	0
ACCURAY INC	COM	004397105	8,151	1,420,000	SH		DFND	1	1,420,000	0	0
ACCURAY INC	NOTE 3.500% 2/0	004397AC9	6,256	5,000,000	PRN		DFND	1	5,000,000	0	0
ACCURAY INC	NOTE 3.750% 8/0	004397AB1	20,326	21,200,000	PRN		DFND	1	21,200,000	0	0
ACHILLION PHARMACEUTICALS IN	COM	00448Q201	13,332	1,629,833	SH		DFND	1	1,629,833	0	0
AETNA INC NEW	COM	00817Y108	22,239	350,000	SH		DFND	1	350,000	0	0
AIR METHODS CORP	COM PAR $.06	009128307	29,425	869,025	SH		DFND	1	869,025	0	0
ALERE INC	NOTE 3.000% 5/1	01449JAA3	5,710	5,750,000	PRN		DFND	1	5,750,000	0	0
ALKERMES PLC	SHS	G01767105	315	11,000	SH		DFND	1	11,000	0	0
ALLERGAN INC	COM	018490102	31,615	375,300	SH		DFND	1	375,300	0	0
ALLERGAN INC	COM	018490102	25,272	300,000	SH	Call	DFND	1	300,000	0	0
ALLSCRIPTS HEALTHCARE SOLUTN	COM	01988P108	8,015	619,360	SH		DFND	1	619,360	0	0
ALMOST FAMILY INC	COM	020409108	252	13,200	SH		DFND	1	13,200	0	0
ALNYLAM PHARMACEUTICALS INC	COM	02043Q107	21,514	694,000	SH		DFND	1	694,000	0	0
ALPHATEC HOLDINGS INC	COM	02081G102	7,529	3,672,604	SH		DFND	1	3,672,604	0	0
AMEDISYS INC	COM	023436108	2,704	233,066	SH		DFND	1	233,066	0	0
ANGIODYNAMICS INC	COM	03475V101	29,909	2,651,466	SH		DFND	1	2,651,466	0	0
ANTARES PHARMA INC	COM	036642106	39,104	9,400,000	SH		DFND	1	9,400,000	0	0
ANTHERA PHARMACEUTICALS INC	COM	03674U102	6,434	13,893,465	SH		DFND	1	13,893,465	0	0
ARENA PHARMACEUTICALS INC	COM	040047102	19,778	2,568,588	SH		DFND	1	2,568,588	0	0
ARIAD PHARMACEUTICALS INC	COM	04033A100	22,127	1,265,104	SH		DFND	1	1,265,104	0	0
ARRAY BIOPHARMA INC	COM	04269X105	49,420	10,885,406	SH		DFND	1	10,885,406	0	0
ARRAY BIOPHARMA INC	NOTE 3.000% 6/0	04269XAA3	21,778	23,000,000	PRN		DFND	1	23,000,000	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	43,894	928,000	SH		DFND	1	928,000	0	0
ATRICURE INC	COM	04963C209	5,985	630,000	SH		DFND	1	630,000	0	0
AUXILIUM PHARMACEUTICALS INC	COM	05334D107	80,671	4,850,644	SH		DFND	1	4,850,644	0	0
AUXILIUM PHARMACEUTICALS INC	NOTE 1.500% 7/1	05334DAA5	1,452	1,500,000	PRN		DFND	1	1,500,000	0	0
BACTERIN INTL HLDGS INC	COM	05644R101	866	1,924,386	SH		DFND	1	1,924,386	0	0
BIODELIVERY SCIENCES INTL IN	COM	09060J106	10,627	2,617,586	SH		DFND	1	2,617,586	0	0
BIOMARIN PHARMACEUTICAL INC	COM	09061G101	13,768	247,000	SH		DFND	1	247,000	0	0
BROOKDALE SR LIVING INC	NOTE 2.750% 6/1	112463AA2	29,466	25,000,000	PRN		DFND	1	25,000,000	0	0
CARDINAL HEALTH INC	COM	14149Y108	33,040	700,000	SH		DFND	1	700,000	0	0
CATAMARAN CORP	COM	148887102	1,463	30,000	SH		DFND	1	30,000	0	0
CATAMARAN CORP	COM	148887102	26,818	550,000	SH	Call	DFND	1	550,000	0	0
CEMPRA INC	COM	15130J109	12,483	1,606,510	SH		DFND	1	1,606,510	0	0
CLOVIS ONCOLOGY INC	COM	189464100	20,497	306,018	SH		DFND	1	306,018	0	0
COMMUNITY HEALTH SYS INC NEW	COM	203668108	29,821	636,124	SH		DFND	1	636,124	0	0
CROSS CTRY HEALTHCARE INC	COM	227483104	8,164	1,582,227	SH		DFND	1	1,582,227	0	0
CUBIST PHARMACEUTICALS INC	COM	229678107	33,562	695,000	SH		DFND	1	695,000	0	0
CUBIST PHARMACEUTICALS INC	COM	229678107	72,435	1,500,000	SH	Call	DFND	1	1,500,000	0	0
CYTOKINETICS INC	COM	23282W100	20,590	1,779,622	SH		DFND	1	1,779,622	0	0
DENDREON CORP	COM	24823Q107	10,300	2,500,000	SH	Put	DFND	1	2,500,000	0	0
DENDREON CORP	NOTE 2.875% 1/1	24823QAC1	84,440	114,140,000	PRN		DFND	1	99,999,999	0	0
DENDREON CORP	NOTE 4.750% 6/1	24823QAB3	13,611	13,740,000	PRN		DFND	1	13,740,000	0	0
DEPOMED INC	COM	249908104	8,458	1,505,000	SH		DFND	1	1,505,000	0	0
DISCOVERY LABORATORIES INC N	COM NEW	254668403	2,026	1,333,000	SH		DFND	1	1,333,000	0	0
DURATA THERAPEUTICS INC	COM	26658A107	5,418	752,539	SH		DFND	1	752,539	0	0
DYAX CORP	COM	26746E103	2,352	679,866	SH		DFND	1	679,866	0	0
EDWARDS LIFESCIENCES CORP	COM	28176E108	13,440	200,000	SH	Call	DFND	1	200,000	0	0
ELAN PLC	ADR	284131208	2,334	165,084	SH		DFND	1	165,084	0	0
ENDOCYTE INC	COM	29269A102	364	27,708	SH		DFND	1	27,708	0	0
EXELIXIS INC	NOTE 4.250% 8/1	30161QAC8	65,448	67,000,000	PRN		DFND	1	67,000,000	0	0
FLAMEL TECHNOLOGIES SA	SPONSORED ADR	338488109	26,599	4,333,475	SH		DFND	1	4,333,475	0	0
FOREST LABS INC	COM	345838106	38,745	945,000	SH		DFND	1	945,000	0	0
FOREST LABS INC	COM	345838106	4,100	100,000	SH	Call	DFND	1	100,000	0	0
GENTIVA HEALTH SERVICES INC	COM	37247A102	775	77,839	SH		DFND	1	77,839	0	0
GILEAD SCIENCES INC	COM	375558103	1,794	35,000	SH		DFND	1	35,000	0	0
HCA HOLDINGS INC	COM	40412C101	19,942	553,020	SH		DFND	1	553,020	0	0
HEARTWARE INTL INC	COM	422368100	21,416	225,167	SH		DFND	1	225,167	0	0
HOLOGIC INC	COM	436440101	676	35,000	SH		DFND	1	35,000	0	0
HOLOGIC INC	DEBT 2.000% 3/0	436440AC5	47,567	47,516,000	PRN		DFND	1	47,516,000	0	0
HUMANA INC	COM	444859102	15,863	188,000	SH		DFND	1	188,000	0	0
ICAD INC	COM NEW	44934S206	233	38,887	SH		DFND	1	38,887	0	0
ILLUMINA INC	COM	452327109	629	8,399	SH		DFND	1	8,399	0	0
INFINITY PHARMACEUTICALS INC	COM	45665G303	38,132	2,354,963	SH		DFND	1	2,354,963	0	0
INSMED INC	COM PAR $.01	457669307	6,623	553,793	SH		DFND	1	553,793	0	0
INTEGRA LIFESCIENCES HLDGS C	COM NEW	457985208	9,452	258,044	SH		DFND	1	258,044	0	0
INTEGRA LIFESCIENCES HLDGS C	NOTE 1.625%12/1	457985AK5	40,589	41,523,000	PRN		DFND	1	41,523,000	0	0
INTERMUNE INC	NOTE 2.500% 9/1	45884XAE3	34,061	41,570,000	PRN		DFND	1	41,570,000	0	0
INTERMUNE INC	NOTE 2.500%12/1	45884XAF0	8,025	7,500,000	PRN		DFND	1	7,500,000	0	0
IRONWOOD PHARMACEUTICALS INC	COM CL A	46333X108	993	100,000	SH	Put	DFND	1	100,000	0	0
KERYX BIOPHARMACEUTICALS INC	COM	492515101	43,809	5,864,612	SH		DFND	1	5,864,612	0	0
LCA-VISION INC	COM PAR $.001	501803308	2,509	830,856	SH		DFND	1	830,856	0	0
LHC GROUP INC	COM	50187A107	374	19,087	SH		DFND	1	19,087	0	0
LIPOSCIENCE INC	COM	53630M108	7,708	1,102,744	SH		DFND	1	1,102,744	0	0
MANNKIND CORP	NOTE 3.750%12/1	56400PAA0	2,022	2,090,000	PRN		DFND	1	2,090,000	0	0
MANNKIND CORP	NOTE 5.750% 8/1	56400PAC6	2,725	2,500,000	PRN		DFND	1	2,500,000	0	0
MAST THERAPEUTICS INC	COM	576314108	1,695	3,948,302	SH		DFND	1	3,948,302	0	0
MEI PHARMA INC	COM NEW	55279B202	5,862	822,199	SH		DFND	1	822,199	0	0
MERCK & CO INC NEW	COM	58933Y105	26,709	575,000	SH		DFND	1	575,000	0	0
MERGE HEALTHCARE INC	COM	589499102	2,479	688,510	SH		DFND	1	688,510	0	0
MOLINA HEALTHCARE INC	COM	60855R100	21,193	570,000	SH		DFND	1	570,000	0	0
MYRIAD GENETICS INC	COM	62855J104	505	18,777	SH		DFND	1	18,777	0	0
NEKTAR THERAPEUTICS	COM	640268108	33,954	2,939,741	SH		DFND	1	2,939,741	0	0
NUVASIVE INC	NOTE 2.750% 7/0	670704AC9	61,050	61,136,000	PRN		DFND	1	61,136,000	0	0
NXSTAGE MEDICAL INC	COM	67072V103	55,834	3,909,914	SH		DFND	1	3,909,914	0	0
OPTIMER PHARMACEUTICALS INC	COM	68401H104	43,784	3,025,829	SH		DFND	1	3,025,829	0	0
OREXIGEN THERAPEUTICS INC	COM	686164104	132	22,575	SH		DFND	1	22,575	0	0
OVASCIENCE INC	COM	69014Q101	7,628	555,555	SH		DFND	1	555,555	0	0
PACIFIC BIOSCIENCES CALIF IN	COM	69404D108	12,357	4,884,368	SH		DFND	1	4,884,368	0	0
PALATIN TECHNOLOGIES INC	COM PAR $ .01	696077403	1,240	2,000,000	SH		DFND	1	2,000,000	0	0
PFIZER INC	COM	717081103	51,959	1,855,000	SH		DFND	1	1,855,000	0	0
PHARMACYCLICS INC	COM	716933106	18,042	227,030	SH		DFND	1	227,030	0	0
PORTOLA PHARMACEUTICALS INC	COM	737010108	12,958	527,410	SH		DFND	1	527,410	0	0
QUESTCOR PHARMACEUTICALS INC	COM	74835Y101	454	10,000	SH		DFND	1	10,000	0	0
RIGEL PHARMACEUTICALS INC	COM NEW	766559603	9,052	2,710,053	SH		DFND	1	2,710,053	0	0
RITE AID CORP	COM	767754104	2,002	700,000	SH		DFND	1	700,000	0	0
SAGENT PHARMACEUTICALS INC	COM	786692103	43,684	2,082,167	SH		DFND	1	2,082,167	0	0
SEATTLE GENETICS INC	COM	812578102	9,438	300,000	SH	Put	DFND	1	300,000	0	0
SOLTA MED INC	COM	83438K103	773	339,063	SH		DFND	1	339,063	0	0
SPECTRUM PHARMACEUTICALS INC	COM	84763A108	237	31,750	SH		DFND	1	31,750	0	0
ST JUDE MED INC	COM	790849103	23,956	525,000	SH		DFND	1	525,000	0	0
TENET HEALTHCARE CORP	COM NEW	88033G407	18,814	408,120	SH		DFND	1	408,120	0	0
TETRAPHASE PHARMACEUTICALS I	COM	88165N105	3,901	554,898	SH		DFND	1	554,898	0	0
TEVA PHARMACEUTICAL INDS LTD	ADR	881624209	48,716	1,242,759	SH		DFND	1	1,242,759	0	0
TORNIER N V	SHS	N87237108	28,811	1,646,318	SH		DFND	1	1,646,318	0	0
UNIVERSAL AMERN CORP NEW	COM	91338E101	27,248	3,065,003	SH		DFND	1	3,065,003	0	0
VOCERA COMMUNICATIONS INC	COM	92857F107	4,026	273,858	SH		DFND	1	273,858	0	0
VOLCANO CORPORATION	NOTE 1.750%12/0	928645AB6	46,129	50,000,000	PRN		DFND	1	50,000,000	0	0
WARNER CHILCOTT PLC IRELAND	SHS A	G94368100	688	34,543	SH		DFND	1	34,543	0	0
XENOPORT INC	COM	98411C100	20,147	4,070,090	SH		DFND	1	4,070,090	0	0
XOMA CORP DEL	COM	98419J107	4,356	1,200,000	SH		DFND	1	1,200,000	0	0
ZOGENIX INC	COM	98978L105	6,581	3,848,572	SH		DFND	1	3,848,572	0	0