A. Description of the Firm The Firm provides discretionary investment management services in the healthcare sector to domestic and offshore private pooled investment vehicles (each a “Fund” and together the “Funds”). Deerfield Management Company, L.P. has been engaged in the business of managing Funds since January 13, 1994; Series C thereof has been engaged in the business of managing Funds since January 1, 2005. The Firm is wholly owned by James E. Flynn and is controlled by its general partner, Flynn Management LLC, which is solely owned and controlled by James E. Flynn. An affiliate of the Firm, Deerfield Mgmt, L.P., Deerfield Mgmt HIF, L.P., Deerfield Mgmt III, L.P. or Deerfield Mgmt IV, L.P., as applicable, is the general partner for those Funds organized as limited partnerships (each, a “General Partner”). Each of Deerfield Mgmt., L.P., Deerfield Mgmt HIF, L.P., Deerfield Mgmt III, L.P. and Deerfield Mgmt IV, L.P. is located at the Firm’s office in New York City. The Firm conducts its investment advisory business from its office in New York City. The Firm conducts market and regulatory research on the global healthcare industry from a second office in the United States and through two foreign subsidiaries, as identified below: Deerfield Management Company, L.P. d/b/a Deerfield Institute 800 Westchester Ave., Suite N513 Rye Brook, NY 10573

Deerfield Institute for Healthcare Research SARL Route de la Corniche, 3a Epalinges 1066 Switzerland

Deerfield Healthcare Consulting (Shanghai) Corporation Limited K Wah Center 3906 Middle Huaihai Road 1010 Shanghai 200031 People’s Republic of China The Firm provides operational support to some portfolio companies from an office at: Deerfield Management Company, L.P. 300 Interpace Parkway (C3) Parsippany, NJ 07054 A subsidiary of the Firm, Deerfield Discovery and Development, LLC (“3DC”), facilitates the incubation, development and operations of certain portfolio companies, and is managed from the Firm’s New York City office. Certain portfolio companies may reimburse or pay the Firm and/or its affiliate(s) for certain services, goods and facilities provided by the Firm and/or its affiliates to or for the benefit of such portfolio companies, subject to the governing documents of each Fund. As used herein, the term “client” generally refers to each of the Funds. B. Advisory Services Each of the Funds has engaged the Firm as its discretionary investment manager. In that capacity, the Firm manages the assets of each Fund and invests the assets of the Funds in accordance with each Fund’s investment strategy. The Firm conducts extensive fundamental research into healthcare sector investment opportunities, including research on individual companies, products and services, drug and device development pipelines, early stage medical research at academic and other research institutions, clinical trials, specific product and service markets, intellectual property protection and litigation, political and regulatory developments, and the dynamics of public securities markets. The Firm makes use of this fundamental research to identify investment opportunities, determine how best to structure or “express” an investment thesis, direct the purchase and sale of securities, negotiate structured investment transactions, and generally manage and invest the assets of the Funds. The particular investment objectives, strategies, fees and risks of each Fund, and other relevant information, are contained in each Fund’s confidential offering documents (each, a “Memorandum”). C. Tailoring Services to Client Needs The Firm’s investment management services adjust to accommodate each Fund’s investment strategy, as set forth in each Fund’s Memorandum. In the case of the Fund on whose behalf the Firm utilizes the Large Capitalization Strategy (described below), the Firm expresses its investment theses primarily through exchange traded securities, including derivatives, although it will sometimes invest in non- exchange traded securities. In the case of the Fund on whose behalf the Firm utilizes the Special Situations Strategy (described below), the Firm also directs investments mostly in exchange traded securities, but up to 50% of such Fund’s investments may be in less liquid securities. In the case of Funds on whose behalf the Firm utilizes the Private Design Strategy (described below) (the “Private Design Funds”), the Firm may generally direct investments in any type of asset (subject to the limitations specified in the applicable Fund Memorandum) and employ a variety of transaction structures. Lastly, in the case of the Fund on whose behalf the Firm utilizes the Healthcare Innovations Strategy (described below) (the “Innovations Fund”), the Firm focuses on early stage investing. The Firm has established an advisory board (the “Advisory Board”) with which Mr. Flynn consults on a periodic and as needed basis regarding the Firm’s management of the Funds. The Advisory Board consists of persons selected by Mr. Flynn who may be individual investors or representatives of institutional investors and who have been asked by Mr. Flynn to serve on the Advisory Board. The size of the Advisory Board is determined by Mr. Flynn, and may be increased or decreased by him from time to time. The subjects addressed by the Advisory Board may include communications between the Firm and Fund investors, the allocation or structuring of investments that affect more than one Fund, strategic development of the Firm, conflicts of interest, amendments to Fund documents and such other matters as may be identified by Mr. Flynn or members of the Advisory Board. The organizational documents of certain Funds also delegate to a Fund advisory committee the authority to advise on or approve certain actions proposed by the General Partner of a Fund. Members of the Firm’s Advisory Board and of a Fund advisory committee serve without compensation or other pecuniary benefit. Members of the Firm’s Advisory Board may, and currently do, serve as members of one or more Fund advisory committees. Similarly, members of one Fund’s advisory committee may, and currently do, sit on one or more other Fund advisory committees. Such overlap may create a conflict of interest for certain members, in which a member may have an incentive to favor a Fund in which it has a greater economic interest. D. Wrap Fee Programs The Firm does not currently provide any investment management services in a wrap fee program. Assets under Management All Fund assets are managed by the Firm solely on a discretionary basis. As of December 31, 2018, the Firm managed approximately $10,073,800,000 on a discretionary basis. The foregoing is computed using the same method used to report “regulatory assets under management” in Item 5.F in Part 1A of the Firm’s Form ADV. The information provided above about the investment advisory services provided to the Funds is qualified in its entirety by reference to the relevant Fund governing documents and offering materials. please register to get more info

Open Brochure from SEC website
Pooled Investment Vehicles $11,449,575,279
Discretionary $11,449,575,279
Non-Discretionary $
Registered Web Sites

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