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
Estimated average burden
hours per response:		23.8

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
AAC HLDGS INC	COM	000307108	35,631	1,601,376	SH		DFND	1	1,601,376	0	0
ACCURAY INC	NOTE 3.750% 8/0	004397AB1	30,841	30,511,000	PRN		DFND	1	30,511,000	0	0
ACHILLION PHARMACEUTICALS IN	COM	00448Q201	11,519	1,667,000	SH		DFND	1	1,667,000	0	0
ACURA PHARMACEUTICALS INC	COM PAR $0.01	00509L802	2,410	1,025,641	SH		DFND	1	1,025,641	0	0
ADEPTUS HEALTH INC	CL A	006855100	44,041	545,328	SH		DFND	1	545,328	0	0
AERIE PHARMACEUTICALS INC	COM	00771V108	14,332	807,875	SH		DFND	1	807,875	0	0
AETNA INC NEW	COM	00817Y108	69,589	636,039	SH		DFND	1	636,039	0	0
AKARI THERAPEUTICS PLC	SPONSORED ADR	00972G108	27,611	1,150,700	SH		DFND	1	1,150,700	0	0
AKORN INC	COM	009728106	4,580	160,667	SH		DFND	1	160,667	0	0
ALCOBRA LTD	SHS	M2239P109	6,024	997,349	SH		DFND	1	997,349	0	0
ALDEYRA THERAPEUTICS INC	COM	01438T106	4,026	690,538	SH		DFND	1	690,538	0	0
ALIMERA SCIENCES INC	COM	016259103	9,769	4,420,580	SH		DFND	1	4,420,580	0	0
ALLIQUA BIOMEDICAL INC	COM NEW	019621200	5,318	1,677,546	SH		DFND	1	1,677,546	0	0
ALLSCRIPTS HEALTHCARE SOLUTN	NOTE 1.250% 7/0	01988PAD0	99,819	100,750,000	PRN		DFND	1	100,750,000	0	0
ALPHATEC HOLDINGS INC	COM	02081G102	1,644	4,982,738	SH		DFND	1	4,982,738	0	0
ANTARES PHARMA INC	COM	036642106	26,267	15,451,124	SH		DFND	1	15,451,124	0	0
ANTHEM INC	COM	036752103	19,713	140,806	SH		DFND	1	140,806	0	0
ARENA PHARMACEUTICALS INC	COM	040047102	8,864	4,640,877	SH		DFND	1	4,640,877	0	0
ARRAY BIOPHARMA INC	COM	04269X105	44,366	9,729,361	SH		DFND	1	9,729,361	0	0
ARRAY BIOPHARMA INC	NOTE 3.000% 6/0	04269XAA3	43,864	45,000,000	PRN		DFND	1	45,000,000	0	0
ATYR PHARMA INC	COM	002120103	4,735	461,530	SH		DFND	1	461,530	0	0
AXOGEN INC	COM	05463X106	13,932	3,381,439	SH		DFND	1	3,381,439	0	0
AXOVANT SCIENCES LTD	COM	G0750W104	6,262	484,664	SH		DFND	1	484,664	0	0
BIODELIVERY SCIENCES INTL IN	COM	09060J106	3,892	700,000	SH		DFND	1	700,000	0	0
BIOGEN INC	COM	09062X103	1,605	5,500	SH		DFND	1	5,500	0	0
BIOTELEMETRY INC	COM	090672106	2,720	222,215	SH		DFND	1	222,215	0	0
BIOTIE THERAPIES OYJ	SPONSORED ADR	09074D103	2,874	219,558	SH		DFND	1	219,558	0	0
BLUEBIRD BIO INC	COM	09609G100	41,321	483,000	SH		DFND	1	483,000	0	0
BOVIE MEDICAL CORP	COM	10211F100	1,342	688,229	SH		DFND	1	688,229	0	0
BROOKDALE SR LIVING INC	COM	112463104	12,789	557,000	SH		DFND	1	557,000	0	0
CARDINAL HEALTH INC	COM	14149Y108	615	8,000	SH		DFND	1	8,000	0	0
CAREDX INC	COM	14167L103	955	229,000	SH		DFND	1	229,000	0	0
CAS MED SYS INC	COM PAR $0.004	124769209	4,000	3,200,000	SH		DFND	1	3,200,000	0	0
CATABASIS PHARMACEUTICALS IN	COM	14875P107	5,084	628,482	SH		DFND	1	628,482	0	0
CHARLES RIV LABS INTL INC	COM	159864107	36,917	581,188	SH		DFND	1	581,188	0	0
CIDARA THERAPEUTICS INC	COM	171757107	3,022	237,583	SH		DFND	1	237,583	0	0
CORSICANTO LTD	NOTE 3.500% 1/1	220480AB3	917	1,000,000	PRN		DFND	1	1,000,000	0	0
DAVITA HEALTHCARE PARTNERS I	COM	23918K108	51,788	716,000	SH		DFND	1	716,000	0	0
DBV TECHNOLOGIES S A	SPONSORED ADR	23306J101	16,438	461,869	SH		DFND	1	461,869	0	0
DERMA SCIENCES INC	COM PAR $.01	249827502	4,720	1,002,201	SH		DFND	1	1,002,201	0	0
DISCOVERY LABORATORIES INC N	COM NEW	254668403	2,561	8,537,995	SH		DFND	1	8,537,995	0	0
DYAX CORP	COM	26746E103	54,555	2,857,773	SH		DFND	1	2,857,773	0	0
EDWARDS LIFESCIENCES CORP	COM	28176E108	13,807	97,119	SH		DFND	1	97,119	0	0
EGALET CORP	COM	28226B104	6,288	477,123	SH		DFND	1	477,123	0	0
EHEALTH INC	COM	28238P109	41,819	3,264,588	SH		DFND	1	3,264,588	0	0
ENDOCHOICE HLDGS INC	COM	29272U103	20,422	1,797,709	SH		DFND	1	1,797,709	0	0
ENDOLOGIX INC	COM	29266S106	28,776	2,347,113	SH		DFND	1	2,347,113	0	0
ENDOLOGIX INC	NOTE 2.250%12/1	29266SAA4	36,877	40,941,000	PRN		DFND	1	40,941,000	0	0
ESPERION THERAPEUTICS INC NE	COM	29664W105	778	32,970	SH		DFND	1	32,970	0	0
ESSA PHARMA INC	COM	29668H104	11,580	1,859,282	SH		DFND	1	1,859,282	0	0
FLAMEL TECHNOLOGIES SA	SPONSORED ADR	338488109	66,428	4,072,809	SH		DFND	1	4,072,809	0	0
FLUIDIGM CORP DEL	NOTE 2.750% 2/0	34385PAA6	25,235	35,000,000	PRN		DFND	1	35,000,000	0	0
FOAMIX PHARMACEUTICALS LTD	SHS	M46135105	6,956	948,934	SH		DFND	1	948,934	0	0
GALAPAGOS NV	SPON ADR	36315X101	17,957	441,085	SH		DFND	1	441,085	0	0
GENESIS HEALTHCARE INC	CL A COM	37185X106	9,429	1,538,232	SH		DFND	1	1,538,232	0	0
GENOCEA BIOSCIENCES INC	COM	372427104	3,434	501,257	SH		DFND	1	501,257	0	0
GENOMIC HEALTH INC	COM	37244C101	23,139	1,093,516	SH		DFND	1	1,093,516	0	0
GLAXOSMITHKLINE PLC	SPONSORED ADR	37733W105	87,771	2,282,722	SH		DFND	1	2,282,722	0	0
GLOBAL BLOOD THERAPEUTICS IN	COM	37890U108	37,549	890,620	SH		DFND	1	890,620	0	0
GW PHARMACEUTICALS PLC	ADS	36197T103	35,737	391,122	SH		DFND	1	391,122	0	0
HALOZYME THERAPEUTICS INC	COM	40637H109	676	50,349	SH		DFND	1	50,349	0	0
HEALTHWAYS INC	COM	422245100	27,411	2,465,042	SH		DFND	1	2,465,042	0	0
HEALTHWAYS INC	NOTE 1.500% 7/0	422245AB6	47,869	51,925,000	PRN		DFND	1	51,925,000	0	0
HEARTWARE INTL INC	COM	422368100	7,020	134,200	SH		DFND	1	134,200	0	0
HEARTWARE INTL INC	NOTE 3.500%12/1	422368AA8	37,712	39,226,000	PRN		DFND	1	39,226,000	0	0
HORIZON PHARMA PLC	SHS	G4617B105	160,173	8,081,407	SH		DFND	1	8,081,407	0	0
ILLUMINA INC	COM	452327109	1,934	11,000	SH		DFND	1	11,000	0	0
IMPRIVATA INC	COM	45323J103	20,456	1,151,140	SH		DFND	1	1,151,140	0	0
INFINITY PHARMACEUTICALS INC	COM	45665G303	33,046	3,910,721	SH		DFND	1	3,910,721	0	0
INVUITY INC	COM NEW	46187J205	2,819	201,068	SH		DFND	1	201,068	0	0
INVITAE CORP	COM	46185L103	1,203	166,666	SH		DFND	1	166,666	0	0
JAZZ INVESTMENTS I LTD	NOTE 1.875% 8/1	472145AB7	5,098	5,000,000	PRN		DFND	1	5,000,000	0	0
KEMPHARM INC	COM	488445107	27,529	1,420,497	SH		DFND	1	1,420,497	0	0
KINDRED BIOSCIENCES INC	COM	494577109	1,452	279,204	SH		DFND	1	279,204	0	0
KINDRED HEALTHCARE INC	COM	494580103	1,136	72,100	SH		DFND	1	72,100	0	0
LA JOLLA PHARMACEUTICAL CO	COM PAR $.0001 2	503459604	1,806	65,000	SH		DFND	1	65,000	0	0
LOXO ONCOLOGY INC	COM	548862101	19,022	1,088,225	SH		DFND	1	1,088,225	0	0
MACROGENICS INC	COM	556099109	11,931	557,000	SH		DFND	1	557,000	0	0
MALLINCKRODT PUB LTD CO	SHS	G5785G107	20,329	317,931	SH		DFND	1	317,931	0	0
MAZOR ROBOTICS LTD	SPONSORED ADS	57886P103	2,525	228,909	SH		DFND	1	228,909	0	0
MCKESSON CORP	COM	58155Q103	34,350	185,646	SH		DFND	1	185,646	0	0
MIRATI THERAPEUTICS INC	COM	60468T105	3,788	110,049	SH		DFND	1	110,049	0	0
MYLAN N V	SHS EURO	N59465109	51,332	1,275,000	SH		DFND	1	1,275,000	0	0
NANOSTRING TECHNOLOGIES INC	COM	63009R109	14,090	880,622	SH		DFND	1	880,622	0	0
NEOS THERAPEUTICS INC	COM	64052L106	9,630	458,332	SH		DFND	1	458,332	0	0
NIVALIS THERAPEUTICS INC	COM	65481J109	48,409	3,732,412	SH		DFND	1	3,732,412	0	0
NOVAVAX INC	COM	670002104	7,353	1,040,000	SH		DFND	1	1,040,000	0	0
NUVASIVE INC	COM	670704105	12,791	265,272	SH		DFND	1	265,272	0	0
NXSTAGE MEDICAL INC	COM	67072V103	99,636	6,318,050	SH		DFND	1	6,318,050	0	0
OPHTHOTECH CORP	COM	683745103	405	10,000	SH		DFND	1	10,000	0	0
ORTHOFIX INTL N V	COM	N6748L102	12,165	360,459	SH		DFND	1	360,459	0	0
OXFORD IMMUNOTEC GLOBAL PLC	ORD SHS	G6855A103	7,016	519,670	SH		DFND	1	519,670	0	0
PACIFIC BIOSCIENCES CALIF IN	COM	69404D108	8,000	2,185,771	SH		DFND	1	2,185,771	0	0
PACIRA PHARMACEUTICALS INC	COM	695127100	28,872	702,485	SH		DFND	1	702,485	0	0
PALATIN TECHNOLOGIES INC	COM PAR $ .01	696077403	1,620	2,000,000	SH		DFND	1	2,000,000	0	0
PENUMBRA INC	COM	70975L107	4,010	100,000	SH		DFND	1	100,000	0	0
PORTOLA PHARMACEUTICALS INC	COM	737010108	14,058	329,837	SH		DFND	1	329,837	0	0
POZEN INC	COM	73941U102	260	44,583	SH		DFND	1	44,583	0	0
PRONAI THERAPEUTICS INC	COM	74346L101	27,669	1,348,401	SH		DFND	1	1,348,401	0	0
PROQR THRAPEUTICS N V	SHS EURO	N71542109	3,051	209,398	SH		DFND	1	209,398	0	0
PROTEON THERAPEUTICS INC	COM	74371L109	17,601	1,265,343	SH		DFND	1	1,265,343	0	0
PSIVIDA CORP	COM	74440J101	3,548	972,110	SH		DFND	1	972,110	0	0
REGENXBIO INC	COM	75901B107	29,444	1,336,542	SH		DFND	1	1,336,542	0	0
RELYPSA INC	COM	759531106	20,380	1,101,000	SH		DFND	1	1,101,000	0	0
RIGEL PHARMACEUTICALS INC	COM NEW	766559603	5,923	2,397,855	SH		DFND	1	2,397,855	0	0
RITE AID CORP	COM	767754104	25,632	4,222,800	SH		DFND	1	4,222,800	0	0
SAGE THERAPEUTICS INC	COM	78667J108	27,468	649,064	SH		DFND	1	649,064	0	0
SCYNEXIS INC	COM	811292101	5,043	692,781	SH		DFND	1	692,781	0	0
SELECT MED HLDGS CORP	COM	81619Q105	593	55,000	SH		DFND	1	55,000	0	0
SPECTRANETICS CORP	MTNF 2.625% 6/0	84760CAA5	30,252	39,831,000	PRN		DFND	1	39,831,000	0	0
STEADYMED LTD	SHS	M84920103	4,669	1,315,169	SH		DFND	1	1,315,169	0	0
STREAMLINE HEALTH SOLUTIONS	COM	86323X106	5,205	2,272,759	SH		DFND	1	2,272,759	0	0
SYNERON MEDICAL LTD	ORD SHS	M87245102	14,865	2,079,013	SH		DFND	1	2,079,013	0	0
TENET HEALTHCARE CORP	COM NEW	88033G407	1,019	27,602	SH		DFND	1	27,602	0	0
TEVA PHARMACEUTICAL INDS LTD	ADR	881624209	34,723	615,000	SH		DFND	1	615,000	0	0
TEVA PHARMACEUTICAL INDS LTD	ADR	881624209	31,053	550,000	SH	Call	DFND	1	550,000	0	0
TONIX PHARMACEUTICALS HLDG C	COM NEW	890260201	6,959	1,315,551	SH		DFND	1	1,315,551	0	0
TRACON PHARMACEUTICALS INC	COM	89237H100	4,738	485,000	SH		DFND	1	485,000	0	0
TRANSENTERIX INC	COM NEW	89366M201	140	61,819	SH		DFND	1	61,819	0	0
TRILLIUM THERAPEUTICS INC	COM NEW	89620X506	2,245	172,307	SH		DFND	1	172,307	0	0
TRINITY BIOTECH PLC	SPON ADR NEW	896438306	2,814	246,000	SH		DFND	1	246,000	0	0
TRUPANION INC	COM	898202106	11,921	1,578,925	SH		DFND	1	1,578,925	0	0
UNIVERSAL AMERN CORP NEW	COM	91338E101	33,727	4,930,787	SH		DFND	1	4,930,787	0	0
VALEANT PHARMACEUTICALS INTL	COM	91911K102	281	1,575	SH		DFND	1	1,575	0	0
VANDA PHARMACEUTICALS INC	COM	921659108	53,965	4,784,157	SH		DFND	1	4,784,157	0	0
VERACYTE INC	COM	92337F107	1,797	383,256	SH		DFND	1	383,256	0	0
VERSARTIS INC	COM	92529L102	3,194	277,000	SH		DFND	1	277,000	0	0
VERTEX PHARMACEUTICALS INC	COM	92532F100	1,927	18,500	SH		DFND	1	18,500	0	0
WALGREENS BOOTS ALLIANCE INC	COM	931427108	38,513	463,457	SH		DFND	1	463,457	0	0
WEBMD HEALTH CORP	NOTE 1.500%12/0	94770VAK8	23,640	23,000,000	PRN		DFND	1	23,000,000	0	0
XENCOR INC	COM	98401F105	21,855	1,787,000	SH		DFND	1	1,787,000	0	0
XENOPORT INC	COM	98411C100	11,955	3,445,374	SH		DFND	1	3,445,374	0	0
ZAFGEN INC	COM	98885E103	17,683	553,472	SH		DFND	1	553,472	0	0
ZELTIQ AESTHETICS INC	COM	98933Q108	13,455	420,063	SH		DFND	1	420,063	0	0