UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

        Date of Report (Date of earliest event reported): JANUARY 3, 2007

                           ENZON PHARMACEUTICALS, INC.
             (Exact name of registrant as specified in its charter)

                                   333-137723
                            (Commission File Number)

          DELAWARE                                  22-2372868
  (State or other jurisdiction of      (I.R.S. Employer Identification No.)
   incorporation)

                    685 ROUTE 202/206, BRIDGEWATER, NJ 08807
             (Address of principal executive offices, with zip code)

                                 (908) 541-8600
              (Registrant's telephone number, including area code)

                                 NOT APPLICABLE
          (Former name or former address, if changed since last report)


     Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (SEE General Instruction A.2. below):

     [ ]  Written communications pursuant to Rule 425 under the Securities Act
          (17 CFR 230.425)

     [ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
          (17 CFR 240.14a-12)

     [ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
          Exchange Act (17 CFR 240.14d-2(b))

     [ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
          Exchange Act (17 CFR 240.13e-4(c))



ITEM 8.01         OTHER EVENTS.

Enzon  Pharmaceuticals,  Inc. today  announced it entered into an agreement with
Ovation  Pharmaceuticals,  Inc. for the supply of the active  ingredient used in
the  production  of Enzon's  Oncaspar(R).  Oncaspar is a form of  L-asparaginase
enhanced  with  Enzon's  PEGylation   technology  for  the  treatment  of  Acute
Lymphoblastic  Leukemia or ALL.  The  existing  supply  agreement  with  Ovation
expired on December 31,  2006.  Under the new  agreement,  Ovation has agreed to
supply a  sufficient  quantity  of  L-asparaginase  material  through  2009.  In
addition,   Enzon  will  make  an  upfront   payment  of  $17.5  million  for  a
non-exclusive  license to the cell line which is owned by Ovation and from which
the L-asparaginase material is currently sourced and $2.5 million for additional
product inventory. Beyond the initial upfront payment, the company will purchase
additional  supply through 2009.  Enzon has committed to effectuate a technology
transfer of the cell line and  manufacturing to its own supplier by December 31,
2009 in order to ensure long term availability of the  L-asparaginase  material.
In connection with the above  transaction,  Enzon  incurred,  in the fiscal year
ended December 31, 2006, legal costs estimated to be approximately $7 million.

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                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                       ENZON PHARMACEUTICALS, INC.

Date:  January 4, 2007                 By:  /s/ Craig A. Tooman
                                                Craig A. Tooman
                                                Executive Vice President Finance
                                                and Chief Financial Officer



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