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   <infoTable>
       <nameOfIssuer>ACHILLION PHARMACEUTICALS IN</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>00448Q201</cusip>
       <value>86889</value>
       <shrsOrPrnAmt>
           <sshPrnamt>10967853</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>10967853</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ANACOR PHARMACEUTICALS INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>032420101</cusip>
       <value>7593</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1358303</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>1358303</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ARMOUR RESIDENTIAL REIT INC</nameOfIssuer>
       <titleOfClass>*W EXP 11/07/201</titleOfClass>
       <cusip>042315119</cusip>
       <value>0</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1651796</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>1651796</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ARRAY BIOPHARMA INC</nameOfIssuer>
       <titleOfClass>NOTE 3.000% 6/0</titleOfClass>
       <cusip>04269XAA3</cusip>
       <value>8563</value>
       <shrsOrPrnAmt>
           <sshPrnamt>9000000</sshPrnamt>
           <sshPrnamtType>PRN</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>9000000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
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   <infoTable>
       <nameOfIssuer>ARRAY BIOPHARMA INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>04269X105</cusip>
       <value>15605</value>
       <shrsOrPrnAmt>
           <sshPrnamt>3437293</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>3437293</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ASBURY AUTOMOTIVE GROUP INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>043436104</cusip>
       <value>2810</value>
       <shrsOrPrnAmt>
           <sshPrnamt>70074</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>70074</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>BRF SA</nameOfIssuer>
       <titleOfClass>SPONSORED ADR</titleOfClass>
       <cusip>10552T107</cusip>
       <value>21650</value>
       <shrsOrPrnAmt>
           <sshPrnamt>997220</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>997220</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>CAPITAL ONE FINL CORP</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>14040H105</cusip>
       <value>48881</value>
       <shrsOrPrnAmt>
           <sshPrnamt>778235</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>778235</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>CBRE GROUP INC</nameOfIssuer>
       <titleOfClass>CL A</titleOfClass>
       <cusip>12504L109</cusip>
       <value>19420</value>
       <shrsOrPrnAmt>
           <sshPrnamt>831320</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>831320</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>CHINA ZENIX AUTO INTL LTD</nameOfIssuer>
       <titleOfClass>ADS</titleOfClass>
       <cusip>16951E104</cusip>
       <value>7070</value>
       <shrsOrPrnAmt>
           <sshPrnamt>3047200</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>3047200</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>CITIGROUP INC</nameOfIssuer>
       <titleOfClass>COM NEW</titleOfClass>
       <cusip>172967424</cusip>
       <value>22060</value>
       <shrsOrPrnAmt>
           <sshPrnamt>459873</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>459873</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>CLOVIS ONCOLOGY INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>189464100</cusip>
       <value>41372</value>
       <shrsOrPrnAmt>
           <sshPrnamt>617678</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>617678</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>CMS ENERGY CORP</nameOfIssuer>
       <titleOfClass>NOTE 5.500% 6/1</titleOfClass>
       <cusip>125896BD1</cusip>
       <value>4978</value>
       <shrsOrPrnAmt>
           <sshPrnamt>2500000</sshPrnamt>
           <sshPrnamtType>PRN</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>2500000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>CREE INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>225447101</cusip>
       <value>38298</value>
       <shrsOrPrnAmt>
           <sshPrnamt>600000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>600000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>CST BRANDS INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>12646R105</cusip>
       <value>9320</value>
       <shrsOrPrnAmt>
           <sshPrnamt>302500</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>302500</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>DST SYS INC DEL</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>233326107</cusip>
       <value>30952</value>
       <shrsOrPrnAmt>
           <sshPrnamt>473783</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>473783</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>DYAX CORP</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>26746E103</cusip>
       <value>2667</value>
       <shrsOrPrnAmt>
           <sshPrnamt>770683</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>770683</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>E TRADE FINANCIAL CORP</nameOfIssuer>
       <titleOfClass>COM NEW</titleOfClass>
       <cusip>269246401</cusip>
       <value>47646</value>
       <shrsOrPrnAmt>
           <sshPrnamt>3763493</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>3763493</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>EPIZYME INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>29428V104</cusip>
       <value>3516</value>
       <shrsOrPrnAmt>
           <sshPrnamt>125000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>125000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>GREEN DOT CORP</nameOfIssuer>
       <titleOfClass>CL A</titleOfClass>
       <cusip>39304D102</cusip>
       <value>29809</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1494181</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>1494181</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>HALOZYME THERAPEUTICS INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>40637H109</cusip>
       <value>36582</value>
       <shrsOrPrnAmt>
           <sshPrnamt>4601500</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>4601500</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>HCA HOLDINGS INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>40412C101</cusip>
       <value>14681</value>
       <shrsOrPrnAmt>
           <sshPrnamt>407118</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>407118</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>HOME LN SERVICING SOLUTIONS</nameOfIssuer>
       <titleOfClass>ORD SHS</titleOfClass>
       <cusip>G6648D109</cusip>
       <value>1867</value>
       <shrsOrPrnAmt>
           <sshPrnamt>77900</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>77900</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>IDENIX PHARMACEUTICALS INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>45166R204</cusip>
       <value>361</value>
       <shrsOrPrnAmt>
           <sshPrnamt>100000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>100000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ILLUMINA INC</nameOfIssuer>
       <titleOfClass>NOTE 0.625% 2/1</titleOfClass>
       <cusip>452327AB5</cusip>
       <value>55319</value>
       <shrsOrPrnAmt>
           <sshPrnamt>16135000</sshPrnamt>
           <sshPrnamtType>PRN</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>16135000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>INFINITY PHARMACEUTICALS INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>45665G303</cusip>
       <value>21480</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1326610</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>1326610</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>INTERMUNE INC</nameOfIssuer>
       <titleOfClass>NOTE 2.500%12/1</titleOfClass>
       <cusip>45884XAF0</cusip>
       <value>19331</value>
       <shrsOrPrnAmt>
           <sshPrnamt>18000000</sshPrnamt>
           <sshPrnamtType>PRN</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>18000000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>INTERMUNE INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>45884X103</cusip>
       <value>27531</value>
       <shrsOrPrnAmt>
           <sshPrnamt>2861868</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>2861868</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>JPMORGAN CHASE &amp; CO</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>46625H100</cusip>
       <value>32807</value>
       <shrsOrPrnAmt>
           <sshPrnamt>621460</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>621460</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>KERYX BIOPHARMACEUTICALS INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>492515101</cusip>
       <value>6813</value>
       <shrsOrPrnAmt>
           <sshPrnamt>912000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>912000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>LEGG MASON INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>524901105</cusip>
       <value>26116</value>
       <shrsOrPrnAmt>
           <sshPrnamt>842168</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>842168</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>MEDIVATION INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>58501N101</cusip>
       <value>26943</value>
       <shrsOrPrnAmt>
           <sshPrnamt>547628</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>547628</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>MEDIVATION INC</nameOfIssuer>
       <titleOfClass>NOTE 2.625% 4/0</titleOfClass>
       <cusip>58501NAA9</cusip>
       <value>25242</value>
       <shrsOrPrnAmt>
           <sshPrnamt>19750000</sshPrnamt>
           <sshPrnamtType>PRN</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>19750000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>NATIONAL RETAIL PPTYS INC</nameOfIssuer>
       <titleOfClass>NOTE 5.125% 6/1</titleOfClass>
       <cusip>637417AC0</cusip>
       <value>25867</value>
       <shrsOrPrnAmt>
           <sshPrnamt>19000000</sshPrnamt>
           <sshPrnamtType>PRN</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>19000000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>OCWEN FINL CORP</nameOfIssuer>
       <titleOfClass>COM NEW</titleOfClass>
       <cusip>675746309</cusip>
       <value>25152</value>
       <shrsOrPrnAmt>
           <sshPrnamt>610200</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>610200</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ONCOGENEX PHARMACEUTICALS IN</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>68230A106</cusip>
       <value>3920</value>
       <shrsOrPrnAmt>
           <sshPrnamt>400000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>400000</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>OPTIMER PHARMACEUTICALS INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>68401H104</cusip>
       <value>23583</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1629800</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>0</otherManager>
       <votingAuthority>
           <Sole>1629800</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
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