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	44,954	1,005,000	SH		DFND	1	1,005,000	0	0
ACCURAY INC	NOTE 3.500% 2/0	004397AC9	7,521	5,000,000	PRN		DFND	1	5,000,000	0	0
ACCURAY INC	NOTE 3.750% 8/0	004397AB1	22,030	21,200,000	PRN		DFND	1	21,200,000	0	0
AETNA INC NEW	COM	00817Y108	22,599	353,000	SH		DFND	1	353,000	0	0
AGIOS PHARMACEUTICALS INC	COM	00847X104	4,223	151,050	SH		DFND	1	151,050	0	0
AIR METHODS CORP	COM PAR $.06	009128307	28,966	680,561	SH		DFND	1	680,561	0	0
AIR METHODS CORP	COM PAR $.06	009128307	5,320	125,000	SH	Call	DFND	1	125,000	0	0
ALERE INC	NOTE 3.000% 5/1	01449JAA3	6,052	5,750,000	PRN		DFND	1	5,750,000	0	0
ALLERGAN INC	COM	018490102	16,729	184,955	SH		DFND	1	184,955	0	0
ALLERGAN INC	COM	018490102	27,135	300,000	SH	Call	DFND	1	300,000	0	0
ALNYLAM PHARMACEUTICALS INC	COM	02043Q107	24,526	383,158	SH		DFND	1	383,158	0	0
ALPHATEC HOLDINGS INC	COM	02081G102	7,846	3,982,738	SH		DFND	1	3,982,738	0	0
ANGIODYNAMICS INC	COM	03475V101	26,573	2,013,104	SH		DFND	1	2,013,104	0	0
ANTARES PHARMA INC	COM	036642106	35,132	8,653,119	SH		DFND	1	8,653,119	0	0
ANTHERA PHARMACEUTICALS INC	COM NEW	03674U201	6,801	1,691,857	SH		DFND	1	1,691,857	0	0
ARENA PHARMACEUTICALS INC	COM	040047102	6,411	1,216,579	SH		DFND	1	1,216,579	0	0
ARIAD PHARMACEUTICALS INC	COM	04033A100	22,581	1,227,204	SH		DFND	1	1,227,204	0	0
ARRAY BIOPHARMA INC	COM	04269X105	65,841	10,585,406	SH		DFND	1	10,585,406	0	0
ARRAY BIOPHARMA INC	NOTE 3.000% 6/0	04269XAA3	26,380	23,000,000	PRN		DFND	1	23,000,000	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	48,191	928,000	SH		DFND	1	928,000	0	0
AUXILIUM PHARMACEUTICALS INC	COM	05334D107	45,288	2,488,328	SH		DFND	1	2,488,328	0	0
AUXILIUM PHARMACEUTICALS INC	NOTE 1.500% 7/1	05334DAA5	2,583	2,500,000	PRN		DFND	1	2,500,000	0	0
AVANIR PHARMACEUTICALS INC	CL A NEW	05348P401	656	155,000	SH		DFND	1	155,000	0	0
BACTERIN INTL HLDGS INC	COM	05644R101	517	771,775	SH		DFND	1	771,775	0	0
BAXTER INTL INC	COM	071813109	985	15,000	SH		DFND	1	15,000	0	0
BIOCRYST PHARMACEUTICALS	COM	09058V103	11,884	1,632,360	SH		DFND	1	1,632,360	0	0
BIODELIVERY SCIENCES INTL IN	COM	09060J106	14,213	2,617,586	SH		DFND	1	2,617,586	0	0
BIOSCRIP INC	COM	09069N108	10,967	1,249,041	SH		DFND	1	1,249,041	0	0
BLUEBIRD BIO INC	COM	09609G100	11,410	423,224	SH		DFND	1	423,224	0	0
BROOKDALE SR LIVING INC	NOTE 2.750% 6/1	112463AA2	29,258	25,000,000	PRN		DFND	1	25,000,000	0	0
BRUKER CORP	COM	116794108	434	21,000	SH		DFND	1	21,000	0	0
CAPITAL SR LIVING CORP	COM	140475104	22,221	1,050,648	SH		DFND	1	1,050,648	0	0
CARDINAL HEALTH INC	COM	14149Y108	16,949	325,000	SH		DFND	1	325,000	0	0
CAS MED SYS INC	COM PAR $0.004	124769209	4,288	3,200,000	SH		DFND	1	3,200,000	0	0
CATAMARAN CORP	COM	148887102	574	12,500	SH		DFND	1	12,500	0	0
CEMPRA INC	COM	15130J109	9,240	803,516	SH		DFND	1	803,516	0	0
COMMUNITY HEALTH SYS INC NEW	COM	203668108	29,537	711,738	SH		DFND	1	711,738	0	0
CROSS CTRY HEALTHCARE INC	COM	227483104	8,115	1,343,464	SH		DFND	1	1,343,464	0	0
CUBIST PHARMACEUTICALS INC	COM	229678107	35,207	554,000	SH		DFND	1	554,000	0	0
CUBIST PHARMACEUTICALS INC	COM	229678107	95,325	1,500,000	SH	Call	DFND	1	1,500,000	0	0
DENDREON CORP	COM	24823Q107	2,051	700,000	SH	Put	DFND	1	700,000	0	0
DENDREON CORP	NOTE 2.875% 1/1	24823QAC1	110,299	177,383,000	PRN		DFND	1	177,383,000	0	0
DENDREON CORP	NOTE 4.750% 6/1	24823QAB3	13,212	13,740,000	PRN		DFND	1	13,740,000	0	0
DEPOMED INC	COM	249908104	11,242	1,505,000	SH		DFND	1	1,505,000	0	0
DISCOVERY LABORATORIES INC N	COM NEW	254668403	2,328	1,188,000	SH		DFND	1	1,188,000	0	0
DURATA THERAPEUTICS INC	COM	26658A107	2,495	275,979	SH		DFND	1	275,979	0	0
DYAX CORP	COM	26746E103	30,408	4,432,625	SH		DFND	1	4,432,625	0	0
EDWARDS LIFESCIENCES CORP	COM	28176E108	13,926	200,000	SH	Call	DFND	1	200,000	0	0
ELAN PLC	ADR	284131208	1,558	100,000	SH		DFND	1	100,000	0	0
ENDOCYTE INC	COM	29269A102	672	50,430	SH		DFND	1	50,430	0	0
EXELIXIS INC	NOTE 4.250% 8/1	30161QAC8	33,672	29,000,000	PRN		DFND	1	29,000,000	0	0
EXPRESS SCRIPTS HLDG CO	COM	30219G108	4,017	65,000	SH		DFND	1	65,000	0	0
FLAMEL TECHNOLOGIES SA	SPONSORED ADR	338488109	28,428	4,333,475	SH		DFND	1	4,333,475	0	0
FOREST LABS INC	COM	345838106	31,879	745,000	SH		DFND	1	745,000	0	0
FOREST LABS INC	COM	345838106	4,279	100,000	SH	Call	DFND	1	100,000	0	0
GLOBUS MED INC	CL A	379577208	20,913	1,197,765	SH		DFND	1	1,197,765	0	0
GTX INC DEL	COM	40052B108	1,013	500,000	SH	Call	DFND	1	500,000	0	0
HOLOGIC INC	COM	436440101	1,989	96,330	SH		DFND	1	96,330	0	0
HOLOGIC INC	DEBT 2.000% 3/0	436440AC5	37,929	37,516,000	PRN		DFND	1	37,516,000	0	0
ICAD INC	COM NEW	44934S206	205	38,887	SH		DFND	1	38,887	0	0
INFINITY PHARMACEUTICALS INC	COM	45665G303	37,853	2,171,744	SH		DFND	1	2,171,744	0	0
INSMED INC	COM PAR $.01	457669307	14,529	930,750	SH		DFND	1	930,750	0	0
INTEGRA LIFESCIENCES HLDGS C	NOTE 1.625%12/1	457985AK5	42,155	41,523,000	PRN		DFND	1	41,523,000	0	0
INTERMUNE INC	NOTE 2.500% 9/1	45884XAE3	37,234	41,570,000	PRN		DFND	1	41,570,000	0	0
INTERMUNE INC	NOTE 2.500%12/1	45884XAF0	10,510	7,500,000	PRN		DFND	1	7,500,000	0	0
IRONWOOD PHARMACEUTICALS INC	COM CL A	46333X108	1,184	100,000	SH	Put	DFND	1	100,000	0	0
KERYX BIOPHARMACEUTICALS INC	COM	492515101	38,839	3,849,296	SH		DFND	1	3,849,296	0	0
LCA-VISION INC	COM PAR $.001	501803308	2,631	730,856	SH		DFND	1	730,856	0	0
LIPOSCIENCE INC	COM	53630M108	6,912	1,382,350	SH		DFND	1	1,382,350	0	0
MANNKIND CORP	NOTE 3.750%12/1	56400PAA0	2,062	2,090,000	PRN		DFND	1	2,090,000	0	0
MAST THERAPEUTICS INC	COM	576314108	1,156	2,634,221	SH		DFND	1	2,634,221	0	0
MEI PHARMA INC	COM NEW	55279B202	9,250	822,199	SH		DFND	1	822,199	0	0
MERCK & CO INC NEW	COM	58933Y105	22,614	475,000	SH		DFND	1	475,000	0	0
MOLINA HEALTHCARE INC	COM	60855R100	16,340	459,000	SH		DFND	1	459,000	0	0
MOMENTA PHARMACEUTICALS INC	COM	60877T100	28,893	2,007,886	SH		DFND	1	2,007,886	0	0
MYLAN INC	COM	628530107	29,696	778,000	SH		DFND	1	778,000	0	0
MYLAN INC	COM	628530107	5,726	150,000	SH	Call	DFND	1	150,000	0	0
NANOSPHERE INC	COM	63009F105	10,286	5,143,219	SH		DFND	1	5,143,219	0	0
NANOSTRING TECHNOLOGIES INC	COM	63009R109	5,463	496,650	SH		DFND	1	496,650	0	0
NOVAVAX INC	COM	670002104	3,392	1,076,980	SH		DFND	1	1,076,980	0	0
NUVASIVE INC	NOTE 2.750% 7/0	670704AC9	62,429	64,136,000	PRN		DFND	1	64,136,000	0	0
NXSTAGE MEDICAL INC	COM	67072V103	66,157	5,027,164	SH		DFND	1	5,027,164	0	0
ONCONOVA THERAPEUTICS INC	COM	68232V108	25,615	967,696	SH		DFND	1	967,696	0	0
OREXIGEN THERAPEUTICS INC	COM	686164104	138	22,575	SH		DFND	1	22,575	0	0
OVASCIENCE INC	COM	69014Q101	6,020	607,461	SH		DFND	1	607,461	0	0
PACIFIC BIOSCIENCES CALIF IN	COM	69404D108	26,962	4,884,368	SH		DFND	1	4,884,368	0	0
PALATIN TECHNOLOGIES INC	COM PAR $ .01	696077403	1,380	2,000,000	SH		DFND	1	2,000,000	0	0
PFIZER INC	COM	717081103	51,849	1,805,000	SH		DFND	1	1,805,000	0	0
PHARMACYCLICS INC	COM	716933106	17,563	127,030	SH		DFND	1	127,030	0	0
PORTOLA PHARMACEUTICALS INC	COM	737010108	3,195	119,448	SH		DFND	1	119,448	0	0
PROSENSA HLDG N V	SHS USD	N71546100	21,314	3,224,524	SH		DFND	1	3,224,524	0	0
PTC THERAPEUTICS INC	COM	69366J200	18,134	845,027	SH		DFND	1	845,027	0	0
QUESTCOR PHARMACEUTICALS INC	COM	74835Y101	13,558	233,767	SH		DFND	1	233,767	0	0
RIGEL PHARMACEUTICALS INC	COM NEW	766559603	3,822	1,067,726	SH		DFND	1	1,067,726	0	0
SAGENT PHARMACEUTICALS INC	COM	786692103	20,703	1,014,863	SH		DFND	1	1,014,863	0	0
SAREPTA THERAPEUTICS INC	COM	803607100	4,723	100,000	SH	Put	DFND	1	100,000	0	0
SEQUENOM INC	COM NEW	817337405	2,630	985,000	SH		DFND	1	985,000	0	0
SOLTA MED INC	COM	83438K103	702	339,063	SH		DFND	1	339,063	0	0
SOPHIRIS BIO INC	COM NEW	83578Q209	578	123,585	SH		DFND	1	123,585	0	0
SPECTRUM PHARMACEUTICALS INC	COM	84763A108	25,406	3,031,750	SH		DFND	1	3,031,750	0	0
SYNAGEVA BIOPHARMA CORP	COM	87159A103	3,170	50,000	SH		DFND	1	50,000	0	0
TENET HEALTHCARE CORP	COM NEW	88033G407	32,458	788,000	SH		DFND	1	788,000	0	0
TEVA PHARMACEUTICAL INDS LTD	ADR	881624209	33,728	892,759	SH		DFND	1	892,759	0	0
TEVA PHARMACEUTICAL INDS LTD	ADR	881624209	13,223	350,000	SH	Call	DFND	1	350,000	0	0
THERAPEUTICSMD INC	COM	88338N107	3,663	1,250,000	SH		DFND	1	1,250,000	0	0
THORATEC CORP	COM NEW	885175307	33,225	891,000	SH		DFND	1	891,000	0	0
TORNIER N V	SHS	N87237108	28,185	1,458,071	SH		DFND	1	1,458,071	0	0
UNIVERSAL AMERN CORP NEW	COM	91338E101	22,297	2,926,100	SH		DFND	1	2,926,100	0	0
VANDA PHARMACEUTICALS INC	COM	921659108	8,979	820,000	SH		DFND	1	820,000	0	0
VOLCANO CORPORATION	NOTE 1.750%12/0	928645AB6	51,660	50,000,000	PRN		DFND	1	50,000,000	0	0
XENOPORT INC	COM	98411C100	26,162	4,605,976	SH		DFND	1	4,605,976	0	0
XOMA CORP DEL	COM	98419J107	27,374	6,096,634	SH		DFND	1	6,096,634	0	0
ZOGENIX INC	COM	98978L105	8,297	4,482,646	SH		DFND	1	4,482,646	0	0