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 COVER PAGE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

Report for the Calendar Year or Quarter Ended: 03-31-2022
Check here if Amendment   Amendment Number:
This Amendment (Check only one.):   is a restatement.
  adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: DEERFIELD MANAGEMENT COMPANY, L.P. (SERIES C)
Address: 345 Park Avenue South, 12th Floor
New York , NY10010
Form 13F File Number: 028-05366

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name: Flynn Management LLC, its general partner, and James E. Flynn
Title: Managing Member
Phone: 212-551-1600
Signature, Place, and Date of Signing:
/s/ James E. Flynn New York , NY 05-16-2022
[Signature] [City, State] [Date]
Report Type (Check only one.):
X 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
  13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
  13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
Form 13F Summary Page
Report Summary:
Number of Other Included Managers: 1
Form 13F Information Table Entry Total: 122
Form 13F Information Table Value Total: 4,472,946
(thousands)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name
028-11827 Flynn Management LLC

List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
No. Form 13F File Number Name
01 028-11827 Flynn Management LLC


SEC FORM 13F-HR

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: July 31, 2015
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
ACUTUS MED INC COM 005111109 3,681 2,648,386 SH DFND 1 2,648,386 0 0
ADAPTHEALTH CORP COMMON STOCK 00653Q102 186,751 11,650,072 SH DFND 1 11,650,072 0 0
AERIE PHARMACEUTICALS INC NOTE 1.500%10/0 00771VAB4 141,877 157,390,000 PRN DFND 1 157,390,000 0 0
AERIE PHARMACEUTICALS INC COM 00771V108 42,725 4,695,020 SH DFND 1 4,695,020 0 0
ALECTOR INC COM 014442107 15,036 1,055,192 SH DFND 1 1,055,192 0 0
ALPHATEC HLDGS INC COM NEW 02081G201 41,341 3,594,829 SH DFND 1 3,594,829 0 0
AMERICAN WELL CORP CL A 03044L105 1,647 391,115 SH DFND 1 391,115 0 0
AN2 THERAPEUTICS INC COM 037326105 8,803 584,136 SH DFND 1 584,136 0 0
ANNEXON INC COM 03589W102 1,594 583,913 SH DFND 1 583,913 0 0
APELLIS PHARMACEUTICALS INC NOTE 3.500% 9/1 03753UAB2 81,724 51,885,000 PRN DFND 1 51,885,000 0 0
APOLLO ENDOSURGERY INC COM 03767D108 10,588 1,750,000 SH DFND 1 1,750,000 0 0
BELLUS HEALTH INC NEW COM NEW 07987C204 25,269 3,672,808 SH DFND 1 3,672,808 0 0
BENEFITFOCUS INC NOTE 1.250%12/1 08180DAB2 6,311 6,500,000 SH DFND 1 6,500,000 0 0
BIOATLA INC COM 09077B104 1,445 289,002 SH DFND 1 289,002 0 0
BIOCRYST PHARMACEUTICALS INC COM 09058V103 16,455 1,012,000 SH DFND 1 1,012,000 0 0
BRIDGEBIO PHARMA INC NOTE 2.500% 3/1 10806XAB8 47,402 80,000,000 PRN DFND 1 80,000,000 0 0
BROOKDALE SR LIVING INC COM 112463104 37,922 5,379,000 SH DFND 1 5,379,000 0 0
BUTTERFLY NETWORK INC *W EXP 02/12/202 124155110 748 733,333 SH DFND 1 733,333 0 0
CABALETTA BIO INC COM 12674W109 942 464,252 SH DFND 1 464,252 0 0
CAREMAX INC COM CL A 14171W103 121,813 15,861,090 SH DFND 1 15,861,090 0 0
CAREMAX INC *W EXP 06/08/202 14171W111 1,277 672,000 SH DFND 1 672,000 0 0
CENTENE CORP DEL COM 15135B101 46,624 553,800 SH DFND 1 553,800 0 0
COGENT BIOSCIENCES INC COM 19240Q201 11,991 1,601,000 SH DFND 1 1,601,000 0 0
CULLINAN ONCOLOGY INC COM 230031106 3,932 375,585 SH DFND 1 375,585 0 0
CYTOKINETICS INC COM NEW 23282W605 35,069 952,703 SH DFND 1 952,703 0 0
DA32 LIFE SCNCE TEC ACQSTN C CLASS A COM 23312M106 15,544 1,600,000 SH DFND 1 1,600,000 0 0
DAY ONE BIOPHARMACEUTICALS I COM 23954D109 20,698 2,086,449 SH DFND 1 2,086,449 0 0
DECIPHERA PHARMACEUTICALS IN COM 24344T101 51,731 5,580,456 SH DFND 1 5,580,456 0 0
DELCATH SYS INC COM NEW 24661P807 3,200 500,000 SH DFND 1 500,000 0 0
EDGEWISE THERAPEUTICS INC COM 28036F105 38,151 3,933,137 SH DFND 1 3,933,137 0 0
ENVISTA HOLDINGS CORPORATION NOTE 2.375% 6/0 29415FAB0 123,924 52,500,000 PRN DFND 1 52,500,000 0 0
EUCRATES BIOMEDICAL ACQU COR *W EXP 10/23/202 G3141W122 62 333,333 SH DFND 1 333,333 0 0
EUCRATES BIOMEDICAL ACQU COR UNIT 10/23/2027 G3141W114 0 1 SH DFND 1 1 0 0
EUCRATES BIOMEDICAL ACQU COR SHS G3141W106 9,840 999,999 SH DFND 1 999,999 0 0
EVOLUS INC COM 30052C107 13,792 1,229,234 SH DFND 1 1,229,234 0 0
FOGHORN THERAPEUTICS INC COM 344174107 3,638 238,865 SH DFND 1 238,865 0 0
GILEAD SCIENCES INC COM 375558103 45,508 765,489 SH DFND 1 765,489 0 0
GLAUKOS CORP NOTE 2.750% 6/1 377322AB8 358,786 269,897,000 PRN DFND 1 269,897,000 0 0
GLAUKOS CORP COM 377322102 21,365 369,514 SH DFND 1 369,514 0 0
GLAUKOS CORP COM 377322102 2,613 45,200 SH Call DFND 1 45,200 0 0
GOODRX HLDGS INC COM CL A 38246G108 18,926 979,106 SH DFND 1 979,106 0 0
GRAYBUG VISION INC COM SHS 38942Q103 6,497 5,281,713 SH DFND 1 5,281,713 0 0
HEALTH CATALYST INC NOTE 2.500% 4/1 42225TAB3 17,171 15,000,000 PRN DFND 1 15,000,000 0 0
HORIZON THERAPEUTICS PUB L SHS G46188101 48,923 465,000 SH DFND 1 465,000 0 0
IGNYTE ACQUISITION CORP *W EXP 01/05/202 45175H114 132 362,500 SH DFND 1 362,500 0 0
IGNYTE ACQUISITION CORP COM 45175H106 7,134 725,000 SH DFND 1 725,000 0 0
IMMUNOGEN INC COM 45253H101 16,520 3,470,675 SH DFND 1 3,470,675 0 0
INOZYME PHARMA INC COM 45790W108 9,590 2,344,786 SH DFND 1 2,344,786 0 0
INSMED INC NOTE 1.750% 1/1 457669AA7 74,929 75,000,000 PRN DFND 1 75,000,000 0 0
INSMED INC COM PAR $.01 457669307 7,157 304,572 SH DFND 1 304,572 0 0
INSULET CORP NOTE 0.375% 9/0 45784PAK7 76,232 57,581,000 PRN DFND 1 57,581,000 0 0
INTERCEPT PHARMACEUTICALS IN NOTE 3.250% 7/0 45845PAA6 52,992 57,791,000 PRN DFND 1 57,791,000 0 0
INVITAE CORP NOTE 2.000% 9/0 46185LAB9 169,769 206,873,000 PRN DFND 1 206,873,000 0 0
IVERIC BIO INC COM 46583P102 82,332 4,891,996 SH DFND 1 4,891,996 0 0
KALVISTA PHARMACEUTICALS INC COM 483497103 12,241 830,472 SH DFND 1 830,472 0 0
KINNATE BIOPHARMA INC COM 49705R105 11,097 985,568 SH DFND 1 985,568 0 0
KURA ONCOLOGY INC COM 50127T109 71,015 4,416,361 SH DFND 1 4,416,361 0 0
LARIMAR THERAPEUTICS INC COM 517125100 23,613 5,830,249 SH DFND 1 5,830,249 0 0
MEDAVAIL HOLDINGS INC COM 58406B103 1,110 1,142,552 SH DFND 1 1,142,552 0 0
MEDTECH ACQUISITION CORP UNIT 12/18/2025 58507N204 0 1 SH DFND 1 1 0 0
MEDTECH ACQUISITION CORP COM CL A 58507N105 9,800 999,999 SH DFND 1 999,999 0 0
MEDTECH ACQUISITION CORP *W EXP 12/22/202 58507N113 85 333,333 SH DFND 1 333,333 0 0
MERUS N V COM N5749R100 11,554 437,000 SH DFND 1 437,000 0 0
MIRATI THERAPEUTICS INC COM 60468T105 22,199 270,000 SH DFND 1 270,000 0 0
MIRUM PHARMACEUTICALS INC COM 604749101 72,290 3,282,912 SH DFND 1 3,282,912 0 0
MOLINA HEALTHCARE INC COM 60855R100 45,031 134,989 SH DFND 1 134,989 0 0
NATERA INC NOTE 2.250% 5/0 632307AB0 120,177 90,638,000 PRN DFND 1 90,638,000 0 0
NEOGENOMICS INC NOTE 0.250% 1/1 64049MAB6 1,666 2,500,000 PRN DFND 1 2,500,000 0 0
NEUROCRINE BIOSCIENCES INC COM 64125C109 155,419 1,657,800 SH DFND 1 1,657,800 0 0
NEVRO CORP NOTE 2.750% 4/0 64157FAC7 65,368 61,000,000 PRN DFND 1 61,000,000 0 0
NOVAVAX INC NOTE 3.750% 2/0 670002AB0 26,777 25,000,000 PRN DFND 1 25,000,000 0 0
NUVALENT INC COM 670703107 268,647 19,341,024 SH DFND 1 19,341,024 0 0
NUVASIVE INC NOTE 0.375% 3/1 670704AJ4 76,133 80,000,000 PRN DFND 1 80,000,000 0 0
NUVASIVE INC NOTE 1.000% 6/0 670704AL9 96,433 96,966,000 PRN DFND 1 96,966,000 0 0
NUVATION BIO INC COM CL A 67080N101 18,816 3,577,233 SH DFND 1 3,577,233 0 0
NUVATION BIO INC *W EXP 07/07/202 67080N119 135 166,666 SH DFND 1 166,666 0 0
NYXOAH S A SHS B6S7WD106 8,714 455,262 SH DFND 1 455,262 0 0
THE ONCOLOGY INSTITUTE INC *W EXP 11/15/202 68236X118 1,438 1,250,000 SH DFND 1 1,250,000 0 0
THE ONCOLOGY INSTITUTE INC COM 68236X100 32,137 3,296,107 SH DFND 1 3,296,107 0 0
ONCORUS INC COM 68236R103 5,605 3,148,977 SH DFND 1 3,148,977 0 0
1LIFE HEALTHCARE INC NOTE 3.000% 6/1 68269GAB3 34,716 40,000,000 PRN DFND 1 40,000,000 0 0
ORCHARD THERAPEUTICS PLC ADS 68570P101 4,948 6,949,416 SH DFND 1 6,949,416 0 0
ORGANOGENESIS HLDGS INC COM 68621F102 64,441 8,456,876 SH DFND 1 8,456,876 0 0
ORION ACQUISITION CORP *W EXP 02/19/202 68626A116 39 125,000 SH DFND 1 125,000 0 0
ORION ACQUISITION CORP COM CL A 68626A108 4,885 500,000 SH DFND 1 500,000 0 0
OAK STR HEALTH INC NOTE 3/1 67181AAB3 14,316 18,000,000 PRN DFND 1 18,000,000 0 0
OUTSET MED INC COM 690145107 18,188 400,622 SH DFND 1 400,622 0 0
PACIRA BIOSCIENCES INC NOTE 0.750% 8/0 695127AF7 100,908 81,600,000 PRN DFND 1 81,600,000 0 0
PHARVARIS N V COM N69605108 28,600 1,577,078 SH DFND 1 1,577,078 0 0
PMV PHARMACEUTICALS INC COM 69353Y103 10 470 SH DFND 1 470 0 0
PROFOUND MED CORP COM NEW 74319B502 15,424 1,713,797 SH DFND 1 1,713,797 0 0
PTC THERAPEUTICS INC NOTE 3.000% 8/1 69366JAB7 15,076 14,527,000 PRN DFND 1 14,527,000 0 0
PULMONX CORP COM 745848101 91,681 3,695,341 SH DFND 1 3,695,341 0 0
QUANTUM SI INC COM CL A 74765K105 6,552 1,400,000 SH DFND 1 1,400,000 0 0
QUANTUM SI INC *W EXP 06/10/202 74765K113 383 333,333 SH DFND 1 333,333 0 0
REVOLUTION HEALTHCAR AQ CORP CLASS A COM 76155Y108 9,810 1,000,000 SH DFND 1 1,000,000 0 0
REVOLUTION HEALTHCAR AQ CORP *W EXP 12/31/202 76155Y116 90 200,000 SH DFND 1 200,000 0 0
REVOLUTION MEDICINES INC COM 76155X100 22,744 891,587 SH DFND 1 891,587 0 0
RHYTHM PHARMACEUTICALS INC COM 76243J105 3,352 291,005 SH DFND 1 291,005 0 0
ROIVANT SCIENCES LTD *W EXP 09/30/202 G76279119 880 1,000,000 SH DFND 1 1,000,000 0 0
SAREPTA THERAPEUTICS INC DBCV 1.500%11/1 803607AB6 116,124 88,657,000 SH DFND 1 88,657,000 0 0
SARISSA CAPITAL ACQUISITN CO UNIT 10/23/2027 G7823W128 0 1 SH DFND 1 1 0 0
SARISSA CAPITAL ACQUISITN CO CL A G7823W102 9,900 999,999 SH DFND 1 999,999 0 0
SARISSA CAPITAL ACQUISITN CO *W EXP 10/23/202 G7823W110 120 333,333 SH DFND 1 333,333 0 0
SEMA4 HOLDINGS CORP COM CL A 81663L101 42,515 13,848,488 SH DFND 1 13,848,488 0 0
SENIOR CONNECT ACQUISITN COR *W EXP 12/31/202 81723H116 90 500,000 SH DFND 1 500,000 0 0
SENIOR CONNECT ACQUISITN COR COM CL A 81723H108 9,820 1,000,000 SH DFND 1 1,000,000 0 0
SILK RD MED INC COM 82710M100 88,927 2,153,712 SH DFND 1 2,153,712 0 0
SINGULAR GENOMICS SYSTEMS IN COM 82933R100 41,722 6,612,019 SH DFND 1 6,612,019 0 0
SOMALOGIC INC *W EXP 08/31/202 83444K113 257 120,000 SH DFND 1 120,000 0 0
SPRINGWORKS THERAPEUTICS INC COM 85205L107 14,109 249,988 SH DFND 1 249,988 0 0
SURROZEN INC *W EXP 08/01/203 86889P117 42 166,666 SH DFND 1 166,666 0 0
TABULA RASA HEALTHCARE INC NOTE 1.750% 2/1 873379AA9 79,740 107,816,000 PRN DFND 1 107,816,000 0 0
TERNS PHARMACEUTICALS INC COM 880881107 6,967 2,345,959 SH DFND 1 2,345,959 0 0
TURMERIC ACQUISITION CORP *W EXP 10/08/202 G9127T124 82 250,000 SH DFND 1 250,000 0 0
TURMERIC ACQUISITION CORP CL A G9127T108 7,388 750,000 SH DFND 1 750,000 0 0
VIATRIS INC COM 92556V106 224,930 20,673,700 SH DFND 1 20,673,700 0 0
VINCERX PHARMA INC COM NEW 92731L106 5,517 1,379,310 SH DFND 1 1,379,310 0 0
WEREWOLF THERAPEUTICS INC COM 95075A107 4,216 958,125 SH DFND 1 958,125 0 0
WINDTREE THERAPEUTICS INC COM 97382D303 23 20,148 SH DFND 1 20,148 0 0
XERIS BIOPHARMA HOLDINGS INC NOTE 5.000% 7/1 98422LAA5 21,095 18,000,000 PRN DFND 1 18,000,000 0 0
XILIO THERAPEUTICS INC COM 98422T100 14,696 2,078,692 SH DFND 1 2,078,692 0 0