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	52,685	1,025,000	SH		DFND	1	1,025,000	0	0
ACCURAY INC	NOTE 3.500% 2/0	004397AD7	9,546	5,000,000	PRN		DFND	1	5,000,000	0	0
ACCURAY INC	NOTE 3.750% 8/0	004397AB1	30,767	25,700,000	PRN		DFND	1	25,700,000	0	0
ACHILLION PHARMACEUTICALS IN	COM	00448Q201	305	92,804	SH		DFND	1	92,804	0	0
AERIE PHARMACEUTICALS INC	COM	00771V108	11,976	565,180	SH		DFND	1	565,180	0	0
AGILENT TECHNOLOGIES INC	COM	00846U101	1,398	25,000	SH		DFND	1	25,000	0	0
AIR METHODS CORP	COM PAR $.06	009128307	29,522	552,544	SH		DFND	1	552,544	0	0
ALERE INC	NOTE 3.000% 5/1	01449JAA3	6,278	5,750,000	PRN		DFND	1	5,750,000	0	0
ALIMERA SCIENCES INC	COM	016259103	10,346	1,311,290	SH		DFND	1	1,311,290	0	0
ALLERGAN INC	COM	018490102	26,760	215,636	SH		DFND	1	215,636	0	0
ALLERGAN INC	COM	018490102	12,410	100,000	SH	Call	DFND	1	100,000	0	0
ALNYLAM PHARMACEUTICALS INC	COM	02043Q107	20,276	302,000	SH		DFND	1	302,000	0	0
ALPHATEC HOLDINGS INC	COM	02081G102	5,974	3,982,738	SH		DFND	1	3,982,738	0	0
AMAG PHARMACEUTICALS INC	COM	00163U106	10,351	534,930	SH		DFND	1	534,930	0	0
AMAG PHARMACEUTICALS INC	NOTE 2.500% 2/1	00163UAA4	34,986	34,520,000	PRN		DFND	1	34,520,000	0	0
AMEDISYS INC	COM	023436108	6,537	439,000	SH		DFND	1	439,000	0	0
ANI PHARMACEUTICALS INC	COM	00182C103	11,649	371,572	SH		DFND	1	371,572	0	0
ANTARES PHARMA INC	COM	036642106	33,210	9,488,461	SH		DFND	1	9,488,461	0	0
ANTHERA PHARMACEUTICALS INC	COM NEW	03674U201	5,668	1,691,857	SH		DFND	1	1,691,857	0	0
AQUINOX PHARMACEUTICALS INC	COM	03842B101	794	62,387	SH		DFND	1	62,387	0	0
ARATANA THERAPEUTICS INC	COM	03874P101	14,642	788,904	SH		DFND	1	788,904	0	0
ARENA PHARMACEUTICALS INC	COM	040047102	7,664	1,216,579	SH		DFND	1	1,216,579	0	0
ARRAY BIOPHARMA INC	COM	04269X105	57,367	12,205,673	SH		DFND	1	12,205,673	0	0
ARRAY BIOPHARMA INC	NOTE 3.000% 6/0	04269XAA3	26,665	26,000,000	PRN		DFND	1	26,000,000	0	0
AUSPEX PHARMACEUTICALS INC	COM	05211J102	61,181	1,988,990	SH		DFND	1	1,988,990	0	0
AUXILIUM PHARMACEUTICALS INC	COM	05334D107	69,763	2,566,705	SH		DFND	1	2,566,705	0	0
AUXILIUM PHARMACEUTICALS INC	COM	05334D107	6,795	250,000	SH	Put	DFND	1	250,000	0	0
AUXILIUM PHARMACEUTICALS INC	NOTE 1.500% 7/1	05334DAA5	3,278	2,500,000	PRN		DFND	1	2,500,000	0	0
BAXTER INTL INC	COM	071813109	6,254	85,000	SH		DFND	1	85,000	0	0
BIOCRYST PHARMACEUTICALS	COM	09058V103	9,606	907,920	SH		DFND	1	907,920	0	0
BIODELIVERY SCIENCES INTL IN	COM	09060J106	33,648	3,986,760	SH		DFND	1	3,986,760	0	0
BIOGEN IDEC INC	COM	09062X103	3,594	11,750	SH		DFND	1	11,750	0	0
BLUEBIRD BIO INC	COM	09609G100	9,425	414,474	SH		DFND	1	414,474	0	0
CANCER GENETICS INC	COM	13739U104	4,799	318,012	SH		DFND	1	318,012	0	0
CAPITAL SR LIVING CORP	COM	140475104	8,007	308,088	SH		DFND	1	308,088	0	0
CAS MED SYS INC	COM PAR $0.004	124769209	6,944	3,200,000	SH		DFND	1	3,200,000	0	0
CENTENE CORP DEL	COM	15135B101	7,768	124,795	SH		DFND	1	124,795	0	0
CONCERT PHARMACEUTICALS INC	COM	206022105	8,307	617,649	SH		DFND	1	617,649	0	0
DAVITA HEALTHCARE PARTNERS I	COM	23918K108	23,961	348,011	SH		DFND	1	348,011	0	0
DENDREON CORP	NOTE 2.875% 1/1	24823QAC1	133,789	183,660,000	PRN		DFND	1	183,660,000	0	0
DENDREON CORP	NOTE 4.750% 6/1	24823QAB3	14,308	14,740,000	PRN		DFND	1	14,740,000	0	0
DERMA SCIENCES INC	COM PAR $.01	249827502	3,804	300,000	SH		DFND	1	300,000	0	0
DICERNA PHARMACEUTICALS INC	COM	253031108	68,607	2,428,569	SH		DFND	1	2,428,569	0	0
DISCOVERY LABORATORIES INC N	COM NEW	254668403	7,868	3,659,700	SH		DFND	1	3,659,700	0	0
DYAX CORP	COM	26746E103	34,003	3,786,478	SH		DFND	1	3,786,478	0	0
EAGLE PHARMACEUTICALS INC	COM	269796108	3,629	284,653	SH		DFND	1	284,653	0	0
EHEALTH INC	COM	28238P109	13,767	271,000	SH		DFND	1	271,000	0	0
ENDOLOGIX INC	COM	29266S106	8,796	683,458	SH		DFND	1	683,458	0	0
ENDOLOGIX INC	NOTE 2.250%12/1	29266SAA4	11,930	12,450,000	PRN		DFND	1	12,450,000	0	0
EXELIXIS INC	COM	30161Q104	1,416	400,000	SH		DFND	1	400,000	0	0
EXELIXIS INC	COM	30161Q104	1,770	500,000	SH	Call	DFND	1	500,000	0	0
FLAMEL TECHNOLOGIES SA	SPONSORED ADR	338488109	70,464	5,258,475	SH		DFND	1	5,258,475	0	0
FOUNDATION MEDICINE INC	COM	350465100	11,100	342,921	SH		DFND	1	342,921	0	0
FURIEX PHARMACEUTICALS INC	COM	36106P101	1,161	13,340	SH		DFND	1	13,340	0	0
GENOCEA BIOSCIENCES INC	COM	372427104	12,005	659,983	SH		DFND	1	659,983	0	0
HOLOGIC INC	COM	436440101	914	42,500	SH		DFND	1	42,500	0	0
HOLOGIC INC	DEBT 2.000% 3/0	436440AC5	38,347	37,516,000	PRN		DFND	1	37,516,000	0	0
HORIZON PHARMA INC	COM	44047T109	19,821	1,310,930	SH		DFND	1	1,310,930	0	0
HUMANA INC	COM	444859102	144,282	1,280,000	SH	Call	DFND	1	1,280,000	0	0
ILLUMINA INC	COM	452327109	2,631	17,697	SH		DFND	1	17,697	0	0
IMMUNOMEDICS INC	COM	452907108	11,068	2,628,972	SH		DFND	1	2,628,972	0	0
INFINITY PHARMACEUTICALS INC	COM	45665G303	52,839	4,444,027	SH		DFND	1	4,444,027	0	0
INOGEN INC	COM	45780L104	5,899	357,269	SH		DFND	1	357,269	0	0
INSMED INC	COM PAR $.01	457669307	38,387	2,016,147	SH		DFND	1	2,016,147	0	0
INTEGRA LIFESCIENCES HLDGS C	COM NEW	457985208	9,480	206,128	SH		DFND	1	206,128	0	0
INTEGRA LIFESCIENCES HLDGS C	NOTE 1.625%12/1	457985AK5	43,698	41,523,000	PRN		DFND	1	41,523,000	0	0
INTERMUNE INC	COM	45884X103	53,015	1,583,942	SH		DFND	1	1,583,942	0	0
INTERMUNE INC	COM	45884X103	33,470	1,000,000	SH	Call	DFND	1	1,000,000	0	0
INTERMUNE INC	NOTE 2.500% 9/1	45884XAE3	51,373	40,295,000	PRN		DFND	1	40,295,000	0	0
INTERMUNE INC	NOTE 2.500%12/1	45884XAF0	19,618	7,500,000	PRN		DFND	1	7,500,000	0	0
INTRA CELLULAR THERAPIES INC	COM	46116X101	3,117	171,437	SH		DFND	1	171,437	0	0
KALOBIOS PHARMACEUTICALS INC	COM	48344T100	7,552	2,786,783	SH		DFND	1	2,786,783	0	0
KERYX BIOPHARMACEUTICALS INC	COM	492515101	23,909	1,403,105	SH		DFND	1	1,403,105	0	0
LABORATORY CORP AMER HLDGS	COM	50540R409	69,699	709,689	SH		DFND	1	709,689	0	0
LIPOSCIENCE INC	COM	53630M108	4,410	1,382,350	SH		DFND	1	1,382,350	0	0
MANNKIND CORP	COM	56400P201	4,020	1,000,000	SH	Put	DFND	1	1,000,000	0	0
MCKESSON CORP	COM	58155Q103	28,781	163,000	SH		DFND	1	163,000	0	0
MEDIVATION INC	COM	58501N101	805	12,500	SH		DFND	1	12,500	0	0
MEDTRONIC INC	COM	585055106	28,555	464,000	SH		DFND	1	464,000	0	0
MEI PHARMA INC	COM NEW	55279B202	12,962	1,164,575	SH		DFND	1	1,164,575	0	0
MERCK & CO INC NEW	COM	58933Y105	27,091	477,200	SH		DFND	1	477,200	0	0
MERGE HEALTHCARE INC	COM	589499102	2,341	959,580	SH		DFND	1	959,580	0	0
MOLINA HEALTHCARE INC	COM	60855R100	16,954	451,391	SH		DFND	1	451,391	0	0
MYLAN INC	COM	628530107	855	17,500	SH		DFND	1	17,500	0	0
NANOSPHERE INC	COM	63009F105	4,300	2,000,000	SH		DFND	1	2,000,000	0	0
NANOSTRING TECHNOLOGIES INC	COM	63009R109	8,076	391,105	SH		DFND	1	391,105	0	0
NEUROCRINE BIOSCIENCES INC	COM	64125C109	1,256	77,994	SH		DFND	1	77,994	0	0
NOVADAQ TECHNOLOGIES INC	COM	66987G102	223	10,000	SH		DFND	1	10,000	0	0
NXSTAGE MEDICAL INC	COM	67072V103	48,427	3,801,175	SH		DFND	1	3,801,175	0	0
OCERA THERAPEUTICS INC	COM	67552A108	2,755	261,119	SH		DFND	1	261,119	0	0
ORTHOFIX INTL N V	COM	N6748L102	17,832	591,431	SH		DFND	1	591,431	0	0
OVASCIENCE INC	COM	69014Q101	14,953	1,672,549	SH		DFND	1	1,672,549	0	0
OXYGEN BIOTHERAPEUTICS INC	COM PAR $0.0001	69207P308	3,053	550,000	SH		DFND	1	550,000	0	0
PACIFIC BIOSCIENCES CALIF IN	COM	69404D108	28,923	5,406,110	SH		DFND	1	5,406,110	0	0
PALATIN TECHNOLOGIES INC	COM PAR $ .01	696077403	2,460	2,000,000	SH		DFND	1	2,000,000	0	0
PORTOLA PHARMACEUTICALS INC	COM	737010108	19,939	769,848	SH		DFND	1	769,848	0	0
PROSENSA HLDG N V	SHS USD	N71546100	18,080	3,211,372	SH		DFND	1	3,211,372	0	0
PTC THERAPEUTICS INC	COM	69366J200	8,300	317,530	SH		DFND	1	317,530	0	0
QUEST DIAGNOSTICS INC	COM	74834L100	25,502	440,303	SH		DFND	1	440,303	0	0
QUESTCOR PHARMACEUTICALS INC	COM	74835Y101	67,518	1,039,865	SH		DFND	1	1,039,865	0	0
QUESTCOR PHARMACEUTICALS INC	COM	74835Y101	48,698	750,000	SH	Call	DFND	1	750,000	0	0
REGENERON PHARMACEUTICALS	COM	75886F107	1,441	4,799	SH		DFND	1	4,799	0	0
REVANCE THERAPEUTICS INC	COM	761330109	3,676	116,689	SH		DFND	1	116,689	0	0
RIGEL PHARMACEUTICALS INC	COM NEW	766559603	3,986	1,027,443	SH		DFND	1	1,027,443	0	0
SEQUENOM INC	NOTE 5.000%10/0	817337AB4	7,466	8,377,000	PRN		DFND	1	8,377,000	0	0
SPECTRUM PHARMACEUTICALS INC	COM	84763A108	9,921	1,265,375	SH		DFND	1	1,265,375	0	0
STREAMLINE HEALTH SOLUTIONS	COM	86323X106	5,735	1,140,100	SH		DFND	1	1,140,100	0	0
SUNESIS PHARMACEUTICALS INC	COM NEW	867328601	3,012	455,741	SH		DFND	1	455,741	0	0
SYNAGEVA BIOPHARMA CORP	COM	87159A103	26,358	317,678	SH		DFND	1	317,678	0	0
SYNERON MEDICAL LTD	ORD SHS	M87245102	430	34,518	SH		DFND	1	34,518	0	0
TARGACEPT INC	COM	87611R306	2,931	617,000	SH		DFND	1	617,000	0	0
THERAPEUTICSMD INC	COM	88338N107	2,373	376,049	SH		DFND	1	376,049	0	0
TONIX PHARMACEUTICALS HLDG C	COM NEW	890260201	2,545	244,524	SH		DFND	1	244,524	0	0
TORNIER N V	SHS	N87237108	32,977	1,554,075	SH		DFND	1	1,554,075	0	0
UNIQURE NV	SHS	N90064101	5,453	350,000	SH		DFND	1	350,000	0	0
UNIVERSAL AMERN CORP NEW	COM	91338E101	32,529	4,600,993	SH		DFND	1	4,600,993	0	0
VANDA PHARMACEUTICALS INC	COM	921659108	8,153	501,709	SH		DFND	1	501,709	0	0
VERTEX PHARMACEUTICALS INC	COM	92532F100	5,552	78,500	SH		DFND	1	78,500	0	0
VOLCANO CORPORATION	NOTE 1.750%12/0	928645AB6	59,767	60,500,000	PRN		DFND	1	60,500,000	0	0
XENOPORT INC	COM	98411C100	22,669	4,384,797	SH		DFND	1	4,384,797	0	0
XOMA CORP DEL	COM	98419J107	5,210	1,000,000	SH	Call	DFND	1	1,000,000	0	0
ZELTIQ AESTHETICS INC	COM	98933Q108	9,482	483,520	SH		DFND	1	483,520	0	0
ZOETIS INC	CL A	98978V103	14,470	500,000	SH	Call	DFND	1	500,000	0	0
ZOGENIX INC	COM	98978L105	17,567	6,174,809	SH		DFND	1	6,174,809	0	0