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
Expires:	Oct 31, 2018
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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	30,557	541,400	SH		DFND	1	541,400	0	0
ACCURAY INC	NOTE 3.500% 2/0	004397AD7	8,819	5,000,000	PRN		DFND	1	5,000,000	0	0
ACCURAY INC	NOTE 3.750% 8/0	004397AB1	24,819	21,600,000	PRN		DFND	1	21,600,000	0	0
ACHILLION PHARMACEUTICALS IN	COM	00448Q201	95	12,500	SH		DFND	1	12,500	0	0
AERIE PHARMACEUTICALS INC	COM	00771V108	33,461	1,350,850	SH		DFND	1	1,350,850	0	0
AETNA INC NEW	COM	00817Y108	13,690	168,850	SH		DFND	1	168,850	0	0
AETNA INC NEW	COM	00817Y108	30,405	375,000	SH	Put	DFND	1	375,000	0	0
AGILE THERAPEUTICS INC	COM	00847L100	904	103,613	SH		DFND	1	103,613	0	0
AIR METHODS CORP	COM PAR $.06	009128307	16,136	312,419	SH		DFND	1	312,419	0	0
ALERE INC	NOTE 3.000% 5/1	01449JAA3	6,318	5,750,000	PRN		DFND	1	5,750,000	0	0
ALIMERA SCIENCES INC	COM	016259103	7,842	1,311,290	SH		DFND	1	1,311,290	0	0
ALKERMES PLC	SHS	G01767105	201	4,000	SH		DFND	1	4,000	0	0
ALLERGAN INC	COM	018490102	73,475	434,199	SH		DFND	1	434,199	0	0
ALLERGAN INC	COM	018490102	16,922	100,000	SH	Call	DFND	1	100,000	0	0
ALLSCRIPTS HEALTHCARE SOLUTN	COM	01988P108	289	18,000	SH		DFND	1	18,000	0	0
ALNYLAM PHARMACEUTICALS INC	COM	02043Q107	6,317	100,000	SH		DFND	1	100,000	0	0
ALPHATEC HOLDINGS INC	COM	02081G102	6,492	3,982,738	SH		DFND	1	3,982,738	0	0
AMAG PHARMACEUTICALS INC	COM	00163U106	20,706	999,339	SH		DFND	1	999,339	0	0
AMAG PHARMACEUTICALS INC	NOTE 2.500% 2/1	00163UAA4	47,695	45,020,000	PRN		DFND	1	45,020,000	0	0
AMEDISYS INC	COM	023436108	1,363	81,399	SH		DFND	1	81,399	0	0
ANI PHARMACEUTICALS INC	COM	00182C103	20,917	607,355	SH		DFND	1	607,355	0	0
ANTARES PHARMA INC	COM	036642106	25,642	9,603,703	SH		DFND	1	9,603,703	0	0
ANTHERA PHARMACEUTICALS INC	COM NEW	03674U201	5,735	1,691,857	SH		DFND	1	1,691,857	0	0
ARATANA THERAPEUTICS INC	COM	03874P101	12,315	788,904	SH		DFND	1	788,904	0	0
ARENA PHARMACEUTICALS INC	COM	040047102	25,603	4,369,066	SH		DFND	1	4,369,066	0	0
ARRAY BIOPHARMA INC	COM	04269X105	55,658	12,205,673	SH		DFND	1	12,205,673	0	0
ARRAY BIOPHARMA INC	NOTE 3.000% 6/0	04269XAA3	29,666	29,500,000	PRN		DFND	1	29,500,000	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	929	12,500	SH		DFND	1	12,500	0	0
AUSPEX PHARMACEUTICALS INC	COM	05211J102	44,185	1,984,038	SH		DFND	1	1,984,038	0	0
AUXILIUM PHARMACEUTICALS INC	COM	05334D107	125,724	6,267,382	SH		DFND	1	6,267,382	0	0
AUXILIUM PHARMACEUTICALS INC	NOTE 1.500% 7/1	05334DAA5	26,508	25,003,000	PRN		DFND	1	25,003,000	0	0
BIODELIVERY SCIENCES INTL IN	COM	09060J106	16,033	1,328,300	SH		DFND	1	1,328,300	0	0
BIOSPECIFICS TECHNOLOGIES CO	COM	090931106	4,553	168,883	SH		DFND	1	168,883	0	0
BLUEBIRD BIO INC	COM	09609G100	41,473	1,075,268	SH		DFND	1	1,075,268	0	0
CANCER GENETICS INC	COM	13739U104	2,361	208,914	SH		DFND	1	208,914	0	0
CAS MED SYS INC	COM PAR $0.004	124769209	6,432	3,200,000	SH		DFND	1	3,200,000	0	0
CIGNA CORPORATION	COM	125509109	14,488	157,528	SH		DFND	1	157,528	0	0
CIGNA CORPORATION	COM	125509109	34,489	375,000	SH	Put	DFND	1	375,000	0	0
CONCERT PHARMACEUTICALS INC	COM	206022105	6,238	617,649	SH		DFND	1	617,649	0	0
CYBERONICS INC	COM	23251P102	3,428	54,890	SH		DFND	1	54,890	0	0
DAVITA HEALTHCARE PARTNERS I	COM	23918K108	40,976	566,588	SH		DFND	1	566,588	0	0
DENDREON CORP	NOTE 2.875% 1/1	24823QAC1	156,485	222,732,000	PRN		DFND	1	222,732,000	0	0
DERMA SCIENCES INC	COM PAR $.01	249827502	5,987	517,900	SH		DFND	1	517,900	0	0
DICERNA PHARMACEUTICALS INC	COM	253031108	54,813	2,428,569	SH		DFND	1	2,428,569	0	0
DISCOVERY LABORATORIES INC N	COM NEW	254668403	6,514	3,659,700	SH		DFND	1	3,659,700	0	0
DYAX CORP	COM	26746E103	35,683	3,717,013	SH		DFND	1	3,717,013	0	0
EAGLE PHARMACEUTICALS INC	COM	269796108	4,079	284,653	SH		DFND	1	284,653	0	0
EHEALTH INC	COM	28238P109	50,249	1,323,391	SH		DFND	1	1,323,391	0	0
ENDOLOGIX INC	COM	29266S106	22,540	1,481,928	SH		DFND	1	1,481,928	0	0
ENDOLOGIX INC	NOTE 2.250%12/1	29266SAA4	12,520	12,450,000	PRN		DFND	1	12,450,000	0	0
EXELIXIS INC	COM	30161Q104	3,390	1,000,000	SH	Call	DFND	1	1,000,000	0	0
FLAMEL TECHNOLOGIES SA	SPONSORED ADR	338488109	78,877	5,258,475	SH		DFND	1	5,258,475	0	0
FOUNDATION MEDICINE INC	COM	350465100	3,694	137,021	SH		DFND	1	137,021	0	0
GENOCEA BIOSCIENCES INC	COM	372427104	9,060	483,219	SH		DFND	1	483,219	0	0
GW PHARMACEUTICALS PLC	ADS	36197T103	4,292	40,000	SH		DFND	1	40,000	0	0
HCA HOLDINGS INC	COM	40412C101	21,435	380,189	SH		DFND	1	380,189	0	0
HCA HOLDINGS INC	COM	40412C101	42,285	750,000	SH	Put	DFND	1	750,000	0	0
HOLOGIC INC	DEBT 2.000% 3/0	436440AC5	12,030	11,016,000	PRN		DFND	1	11,016,000	0	0
HORIZON PHARMA INC	COM	44047T109	9,694	612,787	SH		DFND	1	612,787	0	0
HUMANA INC	COM	444859102	14,617	114,448	SH		DFND	1	114,448	0	0
HUMANA INC	COM	444859102	35,762	280,000	SH	Call	DFND	1	280,000	0	0
ICON PLC	SHS	G4705A100	471	10,000	SH		DFND	1	10,000	0	0
IMMUNOMEDICS INC	COM	452907108	10,242	2,805,972	SH		DFND	1	2,805,972	0	0
IMRIS INC	COM	45322N105	460	407,392	SH		DFND	1	407,392	0	0
IMS HEALTH HLDGS INC	COM	44970B109	11,873	462,350	SH		DFND	1	462,350	0	0
INFINITY PHARMACEUTICALS INC	COM	45665G303	46,817	3,674,838	SH		DFND	1	3,674,838	0	0
INOGEN INC	COM	45780L104	11,897	527,337	SH		DFND	1	527,337	0	0
INSMED INC	COM PAR $.01	457669307	24,081	1,205,234	SH		DFND	1	1,205,234	0	0
INTEGRA LIFESCIENCES HLDGS C	COM NEW	457985208	17,387	369,464	SH		DFND	1	369,464	0	0
INTEGRA LIFESCIENCES HLDGS C	NOTE 1.625%12/1	457985AK5	50,661	47,428,000	PRN		DFND	1	47,428,000	0	0
INTERMUNE INC	COM	45884X103	102,230	2,315,521	SH		DFND	1	2,315,521	0	0
INTERMUNE INC	COM	45884X103	3,245	73,500	SH	Call	DFND	1	73,500	0	0
INTERMUNE INC	NOTE 2.500% 9/1	45884XAE3	7,121	4,764,000	PRN		DFND	1	4,764,000	0	0
KALOBIOS PHARMACEUTICALS INC	COM	48344T100	6,354	2,786,783	SH		DFND	1	2,786,783	0	0
KERYX BIOPHARMACEUTICALS INC	COM	492515101	59,742	3,884,409	SH		DFND	1	3,884,409	0	0
KINDRED BIOSCIENCES INC	COM	494577109	6,990	375,000	SH		DFND	1	375,000	0	0
LABORATORY CORP AMER HLDGS	COM	50540R409	15,512	151,489	SH		DFND	1	151,489	0	0
LIPOSCIENCE INC	COM	53630M108	4,728	1,382,350	SH		DFND	1	1,382,350	0	0
LUMENIS LTD	SHS CL B	M6778Q121	2,912	298,966	SH		DFND	1	298,966	0	0
MCKESSON CORP	COM	58155Q103	27,932	150,000	SH		DFND	1	150,000	0	0
MEDTRONIC INC	COM	585055106	3,494	54,800	SH		DFND	1	54,800	0	0
MEI PHARMA INC	COM NEW	55279B202	7,179	1,132,376	SH		DFND	1	1,132,376	0	0
MERGE HEALTHCARE INC	COM	589499102	3,765	1,658,696	SH		DFND	1	1,658,696	0	0
MOLINA HEALTHCARE INC	NOTE 1.125% 1/1	60855RAC4	1,249	1,000,000	PRN		DFND	1	1,000,000	0	0
NANOSPHERE INC	COM	63009F105	3,160	2,000,000	SH		DFND	1	2,000,000	0	0
NANOSTRING TECHNOLOGIES INC	COM	63009R109	6,792	454,281	SH		DFND	1	454,281	0	0
NEUROCRINE BIOSCIENCES INC	COM	64125C109	788	53,094	SH		DFND	1	53,094	0	0
NXSTAGE MEDICAL INC	COM	67072V103	70,409	4,899,721	SH		DFND	1	4,899,721	0	0
OCERA THERAPEUTICS INC	COM	67552A108	1,995	261,119	SH		DFND	1	261,119	0	0
OPKO HEALTH INC	COM	68375N103	332	37,500	SH		DFND	1	37,500	0	0
OREXIGEN THERAPEUTICS INC	COM	686164104	152	24,645	SH		DFND	1	24,645	0	0
ORTHOFIX INTL N V	COM	N6748L102	19,351	533,812	SH		DFND	1	533,812	0	0
OSIRIS THERAPEUTICS INC NEW	COM	68827R108	679	43,445	SH		DFND	1	43,445	0	0
OVASCIENCE INC	COM	69014Q101	15,125	1,649,449	SH		DFND	1	1,649,449	0	0
OXYGEN BIOTHERAPEUTICS INC	COM PAR $0.0001	69207P308	446	109,262	SH		DFND	1	109,262	0	0
PACIFIC BIOSCIENCES CALIF IN	COM	69404D108	29,016	4,695,203	SH		DFND	1	4,695,203	0	0
PALATIN TECHNOLOGIES INC	COM PAR $ .01	696077403	1,980	2,000,000	SH		DFND	1	2,000,000	0	0
PERRIGO CO PLC	SHS	G97822103	364	2,500	SH		DFND	1	2,500	0	0
PORTOLA PHARMACEUTICALS INC	COM	737010108	17,066	584,848	SH		DFND	1	584,848	0	0
POZEN INC	COM	73941U102	5,203	624,621	SH		DFND	1	624,621	0	0
PROSENSA HLDG N V	SHS USD	N71546100	27,846	2,206,119	SH		DFND	1	2,206,119	0	0
PROTHENA CORP PLC	SHS	G72800108	451	20,000	SH		DFND	1	20,000	0	0
QUESTCOR PHARMACEUTICALS INC	COM	74835Y101	1,613	17,443	SH		DFND	1	17,443	0	0
QUESTCOR PHARMACEUTICALS INC	COM	74835Y101	23,123	250,000	SH	Call	DFND	1	250,000	0	0
REVANCE THERAPEUTICS INC	COM	761330109	8,721	256,500	SH		DFND	1	256,500	0	0
RIGEL PHARMACEUTICALS INC	COM NEW	766559603	8,704	2,397,855	SH		DFND	1	2,397,855	0	0
SCYNEXIS INC	COM	811292101	4,562	568,797	SH		DFND	1	568,797	0	0
SELECT MED HLDGS CORP	COM	81619Q105	1,336	85,621	SH		DFND	1	85,621	0	0
SMITH & NEPHEW PLC	SPDN ADR NEW	83175M205	670	7,500	SH		DFND	1	7,500	0	0
SPECTRANETICS CORP	MTNF 2.625% 6/0	84760CAA5	17,758	17,000,000	PRN		DFND	1	17,000,000	0	0
SPECTRUM PHARMACEUTICALS INC	COM	84763A108	1,294	159,122	SH		DFND	1	159,122	0	0
STREAMLINE HEALTH SOLUTIONS	COM	86323X106	8,268	1,722,600	SH		DFND	1	1,722,600	0	0
SUNESIS PHARMACEUTICALS INC	COM NEW	867328601	3,297	505,741	SH		DFND	1	505,741	0	0
TENET HEALTHCARE CORP	COM NEW	88033G407	17,225	366,956	SH		DFND	1	366,956	0	0
TENET HEALTHCARE CORP	COM NEW	88033G407	35,205	750,000	SH	Put	DFND	1	750,000	0	0
TETRAPHASE PHARMACEUTICALS I	COM	88165N105	4,182	310,024	SH		DFND	1	310,024	0	0
THERAPEUTICSMD INC	COM	88338N107	492	111,214	SH		DFND	1	111,214	0	0
TORNIER N V	SHS	N87237108	17,278	739,007	SH		DFND	1	739,007	0	0
TRANSGENOMIC INC	COM NEW	89365K305	266	71,086	SH		DFND	1	71,086	0	0
TRIVASCULAR TECHNOLOGIES INC	COM	89685A102	23,085	1,482,666	SH		DFND	1	1,482,666	0	0
UNIVERSAL AMERN CORP NEW	COM	91338E101	48,079	5,771,737	SH		DFND	1	5,771,737	0	0
VANDA PHARMACEUTICALS INC	COM	921659108	17,560	1,085,301	SH		DFND	1	1,085,301	0	0
VERTEX PHARMACEUTICALS INC	COM	92532F100	8,758	92,500	SH		DFND	1	92,500	0	0
VOLCANO CORPORATION	NOTE 1.750%12/0	928645AB6	72,627	75,500,000	PRN		DFND	1	75,500,000	0	0
XENOPORT INC	COM	98411C100	21,386	4,427,642	SH		DFND	1	4,427,642	0	0
ZELTIQ AESTHETICS INC	COM	98933Q108	23,790	1,566,155	SH		DFND	1	1,566,155	0	0
ZOETIS INC	CL A	98978V103	16,135	500,000	SH	Call	DFND	1	500,000	0	0