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
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
Achillion Pharmaceuticals Inc COM 00448Q201 1,136 150,000 SH   DFND 1,2 150,000 0 0
Acorda Therapeutics Inc COM 00484M106 5,057 150,000 SH   DFND 1,2 150,000 0 0
Actinium Pharmaceuticals Inc COM 00507W107 2,166 300,000 SH   DFND 1,2 300,000 0 0
Aerie Pharmaceuticals Inc COM 00771V108 2,725 110,000 SH   DFND 1,2 110,000 0 0
Agios Pharmaceuticals Inc COM 00847X104 1,146 25,000 SH   DFND 1,2 25,000 0 0
Akebia Therapeutics Inc COM 00972D105 2,015 72,500 SH   DFND 1,2 72,500 0 0
Allergan Inc/United States COM 18490102 6,769 40,000 SH   DFND 1,2 40,000 0 0
Ambit Biosciences Corp COM 02318X100 1,918 277,568 SH   DFND 1,2 277,568 0 0
Amgen Inc COM 31162100 4,735 40,000 SH   DFND 1,2 40,000 0 0
Amgen Inc CALL 31162900 1,120 1,238 SH Call DFND 1,2 1,238 0 0
Ampio Pharmaceuticals Inc COM 03209T109 2,605 312,000 SH   DFND 1,2 312,000 0 0
Aquinox Pharmaceuticals Inc COM 03842B101 1,780 190,000 SH   DFND 1,2 190,000 0 0
Array BioPharma Inc COM 04269X105 1,300 285,000 SH   DFND 1,2 285,000 0 0
Arrowhead Research Corp COM NEW 42797209 1,431 100,000 SH   DFND 1,2 100,000 0 0
Auxilium Pharmaceuticals Inc CALL 05334D907 40 935 SH Call DFND 1,2 935 0 0
AVANIR Pharmaceuticals Inc CL A NEW 05348P401 5,640 1,000,000 SH   DFND 1,2 1,000,000 0 0
Biogen Idec Inc COM 09062X103 6,937 22,000 SH   DFND 1,2 22,000 0 0
BioLine RX Ltd SPONSORED ADR 09071M106 1,248 600,000 SH   DFND 1,2 600,000 0 0
BioMarin Pharmaceutical Inc COM 09061G101 7,465 120,000 SH   DFND 1,2 120,000 0 0
Celladon Corp COM 15117E107 2,403 150,000 SH   DFND 1,2 150,000 0 0
Clovis Oncology Inc COM 189464100 4,348 105,000 SH   DFND 1,2 105,000 0 0
Corium International Inc COM 21887L107 537 69,100 SH   DFND 1,2 69,100 0 0
Cytokinetics Inc COM NEW 23282W605 311 65,100 SH   DFND 1,2 65,100 0 0
CytRx Corp COM PAR $.001 232828509 1,672 400,000 SH   DFND 1,2 400,000 0 0
Dipexium Pharmaceuticals Inc COM 25456J104 916 94,400 SH   DFND 1,2 94,400 0 0
Discovery Laboratories Inc COM NEW 254668403 890 500,000 SH   DFND 1,2 500,000 0 0
Dyax Corp COM 26746E103 6,240 650,000 SH   DFND 1,2 650,000 0 0
Eli Lilly & Co COM 532457108 6,217 100,000 SH   DFND 1,2 100,000 0 0
Epizyme Inc COM 29428V104 3,522 113,188 SH   DFND 1,2 113,188 0 0
Galmed Pharmaceuticals Ltd SHS M47238106 1,656 170,000 SH   DFND 1,2 170,000 0 0
GenVec Inc COM NEW 37246C307 1,478 575,000 SH   DFND 1,2 575,000 0 0
Gilead Sciences Inc COM 375558103 4,146 50,000 SH   DFND 1,2 50,000 0 0
Gilead Sciences Inc CALL 375558903 1,158 1,000 SH Call DFND 1,2 1,000 0 0
Gilead Sciences Inc CALL 375558903 850 1,000 SH Call DFND 1,2 1,000 0 0
GlaxoSmithKline PLC SPONSORED ADR 37733W105 16,044 300,000 SH   DFND 1,2 300,000 0 0
GlaxoSmithKline PLC CALL 37733W905 698 3,000 SH Call DFND 1,2 3,000 0 0
Ignyta Inc COM 451731103 1,863 205,000 SH   DFND 1,2 205,000 0 0
Immunomedics Inc COM 452907108 2,008 550,000 SH   DFND 1,2 550,000 0 0
Impax Laboratories Inc CALL 45256B901 550 1,000 SH Call DFND 1,2 1,000 0 0
Incyte Corp Ltd COM 45337C102 4,120 73,000 SH   DFND 1,2 73,000 0 0
Insmed Inc COM PAR $.01 457669307 1,586 79,400 SH   DFND 1,2 79,400 0 0
Insmed Inc CALL 457669907 293 1,000 SH Call DFND 1,2 1,000 0 0
Intra-Cellular Therapies Inc COM 46116X101 1,590 94,300 SH   DFND 1,2 94,300 0 0
Johnson & Johnson COM 478160104 22,347 213,600 SH   DFND 1,2 213,600 0 0
KaloBios Pharmaceuticals Inc COM 48344T100 821 360,000 SH   DFND 1,2 360,000 0 0
MacroGenics Inc COM 556099109 2,412 111,000 SH   DFND 1,2 111,000 0 0
Medivation Inc COM 58501N101 5,396 70,000 SH   DFND 1,2 70,000 0 0
Merck & Co Inc COM 58933Y105 24,876 430,000 SH   DFND 1,2 430,000 0 0
Novartis AG SPONSORED ADR 66987V109 46,271 511,000 SH   DFND 1,2 511,000 0 0
NPS Pharmaceuticals Inc COM 62936P103 1,619 49,000 SH   DFND 1,2 49,000 0 0
Ocera Therapeutics Inc COM 67552A108 971 127,048 SH   DFND 1,2 127,048 0 0
OncoMed Pharmaceuticals Inc COM 68234X102 1,748 75,000 SH   DFND 1,2 75,000 0 0
Oncothyreon Inc COM 682324108 2,392 738,336 SH   DFND 1,2 738,336 0 0
Pfizer Inc COM 717081103 19,428 654,596 SH   DFND 1,2 654,596 0 0
Pharmacyclics Inc COM 716933106 4,486 50,000 SH   DFND 1,2 50,000 0 0
Prosensa Holding BV SHS USD N71546100 1,578 125,000 SH   DFND 1,2 125,000 0 0
PTC Therapeutics Inc COM 69366J200 3,921 150,000 SH   DFND 1,2 150,000 0 0
Puma Biotechnology Inc COM 74587V107 1,650 25,000 SH   DFND 1,2 25,000 0 0
Receptos Inc COM 756207106 2,556 60,000 SH   DFND 1,2 60,000 0 0
RXi Pharmaceuticals Corp COM NEW 74979C303 531 175,815 SH   DFND 1,2 175,815 0 0
SALIX PHARMACEUTICALS LT CALL 795435906 915 500 SH Call DFND 1,2 500 0 0
Sanofi SPONSORED ADR 80105N105 12,746 120,000 SH   DFND 1,2 120,000 0 0
Seattle Genetics Inc COM 812578102 11,391 297,800 SH   DFND 1,2 297,800 0 0
Shire PLC SPONSORED ADR 82481R106 14,065 180,000 SH   DFND 1,2 180,000 0 0
StemCells Inc COM NEW 85857R204 1,015 500,000 SH   DFND 1,2 500,000 0 0
Summit Corp PLC COM 86606G101 455 777 SH   DFND 1,2 313,583 0 0
TetraLogic Pharmaceuticals Cor COM 88165U109 1,178 200,000 SH   DFND 1,2 200,000 0 0
Tetraphase Pharmaceuticals Inc COM 88165N105 2,671 198,000 SH   DFND 1,2 198,000 0 0
Teva Pharmaceutical Industries ADR 881624209 18,347 350,000 SH   DFND 1,2 350,000 0 0
Teva Pharmaceutical Industries CALL 881624909 970 2,000 SH Call DFND 1,2 2,000 0 0
TG Therapeutics Inc COM 88322Q108 563 60,000 SH   DFND 1,2 60,000 0 0
Trevena Inc COM 89532E109 1,927 341,000 SH   DFND 1,2 341,000 0 0
Vanda Pharmaceuticals Inc COM 921659108 2,265 140,000 SH   DFND 1,2 140,000 0 0
Vertex Pharmaceuticals Inc CALL 92532F900 1,905 1,000 SH Call DFND 1,2 1,000 0 0
Vertex Pharmaceuticals Inc PUT 92532F950 13 1,500 SH Put DFND 1,2 1,500 0 0
AutoNation Inc COM 05329W102 3,139 52,600 SH   DFND   52,600 0 0
B Communications Ltd SHS M15629104 4,708 241,705 SH   DFND   241,705 0 0
Broadcom Corp CL A 111320107 2,937 79,120 SH   DFND   79,120 0 0
Caesarstone Sdot-Yam Ltd ORD SHS M20598104 2,925 59,600 SH   DFND   59,600 0 0
Colgate-Palmolive Co COM 194162103 3,259 47,799 SH   DFND   47,799 0 0
CSX Corp COM 126408103 4,570 148,325 SH   DFND   148,325 0 0
CVS Caremark Corp COM 126650100 1,454 19,295 SH   DFND   19,295 0 0
Ellomay Capital Ltd SHS M39927120 192 20,564 SH   DFND   20,564 0 0
Google Inc CL A 38259P508 2,212 3,784 SH   DFND   3,784 0 0
Google Inc CL C 38259P706 2,612 4,540 SH   DFND   4,540 0 0
Health Care Select Sector SPDR SBI HEALTHCARE 81369Y209 1,786 29,353 SH   DFND   29,353 0 0
Lumenis Ltd SHS CL B M6778Q121 0 245 SH   DFND   245 0 0
Novartis AG SPONSORED ADR 66987V109 2,001 22,100 SH   DFND   22,100 0 0
Orbotech Ltd ORD M75253100 5,216 343,602 SH   DFND   343,602 0 0
Ormat Technologies Inc COM 686688102 677 23,472 SH   DFND   23,472 0 0
Penske Automotive Group Inc COM 70959W103 1,452 29,327 SH   DFND   29,327 0 0
priceline.com Inc COM NEW 741503403 2,324 1,932 SH   DFND   1,932 0 0
Sonic Automotive Inc CL A 83545G102 1,334 50,000 SH   DFND   50,000 0 0
SPDR S&P 500 ETF Trust CALL 78462F903 338 1,500 SH Call DFND   1,500 0 0
Teva Pharmaceutical Industries PUT 881624959 80 1,000 SH Put DFND   1,000 0 0
Teva Pharmaceutical Industries CALL 881624909 270 1,210 SH Call DFND   1,210 0 0
Teva Pharmaceutical Industries ADR 881624209 4,954 94,500 SH   DFND   94,500 0 0
TJX Cos Inc CALL 872540909 69 500 SH Call DFND   500 0 0
TJX Cos Inc COM 872540109 1,377 25,916 SH   DFND   25,916 0 0
TOP Image Systems Ltd ORD M87896102 79 20,000 SH   DFND   20,000 0 0
Towers Watson & Co CL A 891894107 4,351 41,740 SH   DFND   41,740 0 0
Verint Systems Inc COM 92343X100 6,600 134,550 SH   DFND   134,550 0 0
Walgreen Co COM 931422109 4,521 60,993 SH   DFND   60,993 0 0
Yum! Brands Inc COM 988498101 4,582 56,433 SH   DFND   56,433 0 0