Sak Form 3 KERYX BIOPHARMACEUTICALS / SETH A KLARMAN ownership change

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:	3235-0104
Estimated average burden
hours per response:	0.5

1. Name and Address of Reporting Person^*

BAUPOST GROUP LLC/MA

(Last) (First) (Middle)

10 ST. JAMES AVENUE

SUITE 1700

(Street)

BOSTON MA 02116

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
10/14/2015

3. Issuer Name and Ticker or Trading Symbol
KERYX BIOPHARMACEUTICALS INC [ KERX ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	42,016,276	I	See footnote 1.(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Zero Coupon Convertible Senior Notes due 2020(2)	07/01/2016(3)	10/15/2020	Common Stock Equivalents	17,197,861(4)	3.74	I	See footnote 1.(1)

1. Name and Address of Reporting Person^*

BAUPOST GROUP LLC/MA

(Last) (First) (Middle)

10 ST. JAMES AVENUE

SUITE 1700

(Street)

BOSTON MA 02116

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

SAK CORP

(Last) (First) (Middle)

10 ST. JAMES AVENUE

SUITE 1700

(Street)

BOSTON MA 02116

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

KLARMAN SETH A

(Last) (First) (Middle)

10 ST. JAMES AVENUE

SUITE 1700

(Street)

BOSTON MA 02116

(City) (State) (Zip)

Explanation of Responses:

1. This statement on Form 3 is being jointly filed by The Baupost Group, L.L.C. ("Baupost"), SAK Corporation and Seth A. Klarman. Baupost is a registered investment adviser and acts as an investment adviser and general partner to various private investment limited partnerships. SAK Corporation is the Manager of Baupost. Mr. Klarman, as the sole shareholder of SAK Corporation and a controlling person of Baupost, may be deemed to have beneficial ownership under Section 13 of the Securities Exchange Act of 1934, as amended, of the securities beneficially owned by Baupost. Securities reported on this statement on Form 3 as being beneficially owned by Baupost were purchased on behalf of certain of such partnerships. The Reporting Persons disclaim beneficial ownership of the securities except to the extent of their pecuniary interest therein.

2. Prior to shareholder approval authorizing the issuance of a sufficient number of additional shares to settle the conversion of the reported security in shares of common stock, the reported security is convertible only into cash based on an initial conversion rate of 267.3797 shares of common stock per $1,000 principal amount of notes. From and after shareholder approval, the reported security is convertible only into shares of common stock at the same initial conversion rate.

3. Upon certain fundamental changes of the company, the reported securities become immediately convertible.

4. Represents the number of common stock equivalents underlying the reported securities.

Remarks:

	/s/ Seth A. Klarman	10/20/2015
	/s/ Seth A. Klarman	10/20/2015
	/s/ Seth A. Klarman	10/20/2015
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.