<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2007-01-26</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000727510</issuerCik>
        <issuerName>ENZON PHARMACEUTICALS INC</issuerName>
        <issuerTradingSymbol>ENZN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000919185</rptOwnerCik>
            <rptOwnerName>HIGHBRIDGE CAPITAL MANAGEMENT LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>9 WEST 57TH STREET, 27TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000931921</rptOwnerCik>
            <rptOwnerName>HIGHBRIDGE CAPITAL CORP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O HARMONIE FUND SERVICES</rptOwnerStreet1>
            <rptOwnerStreet2>THE CAYMAN CORPORATE CENTRE, 4TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>27 HOSPITAL ROAD, GRAND CAYMAN</rptOwnerCity>
            <rptOwnerState>E9</rptOwnerState>
            <rptOwnerZipCode>00000</rptOwnerZipCode>
            <rptOwnerStateDescription>CAYMAN ISLANDS</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001308315</rptOwnerCik>
            <rptOwnerName>Highbridge International LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>27 HOSPITAL ROAD</rptOwnerStreet1>
            <rptOwnerStreet2>GRAND CAYMAN,</rptOwnerStreet2>
            <rptOwnerCity>CAYMAN ISLANDS</rptOwnerCity>
            <rptOwnerState>E9</rptOwnerState>
            <rptOwnerZipCode>00000</rptOwnerZipCode>
            <rptOwnerStateDescription>CAYMAN ISLANDS</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001308597</rptOwnerCik>
            <rptOwnerName>Dubin Glenn</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O HIGHBRIDGE CAPITAL MANAGEMENT, LLC</rptOwnerStreet1>
            <rptOwnerStreet2>9 WEST 57TH STREET, 27TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001308598</rptOwnerCik>
            <rptOwnerName>Swieca Henry</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O HIGHBRIDGE CAPITAL MANAGEMENT, LLC</rptOwnerStreet1>
            <rptOwnerStreet2>9 WEST 57TH STREET, 27TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001390331</rptOwnerCik>
            <rptOwnerName>Highbridge Convertible Arbitrage Master Fund, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O HIGHBRIDGE CAPITAL MANAGEMENT, LLC</rptOwnerStreet1>
            <rptOwnerStreet2>9 WEST 57TH STREET, 27TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>4% Convertible Senior Notes</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>9.55</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2006-05-23</value>
            </exerciseDate>
            <expirationDate>
                <value>2013-06-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5026176</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">1,047,120 shares of Common Stock are issuable to Highbridge Convertible Arbitrage Master Fund, L.P. upon conversion of the 4%
 Convertible Senior Notes and 3,979,056 shares of Common Stock are issuable to Highbridge International LLC upon conversion
 of the 4% Convertible Senior Notes.</footnote>
        <footnote id="F2">Highbridge International LLC is a subsidiary of Highbridge Master L.P.  Highbridge Capital Corporation and Highbridge Capital
 L.P. are limited partners of Highbridge Master L.P.  Highbridge GP, Ltd. is the General Partner of Highbridge Master L.P.
 Highbridge GP, LLC is the General Partner of Highbridge Capital L.P.  Highbridge Capital Management, LLC is the trading
 manager of Highbridge Capital Corporation, Highbridge Capital L.P., Highbridge International LLC,  Highbridge Master L.P.
 and Highbridge Convertible Arbitrage Master Fund, L.P.  Glenn Dubin is a Co-Chief Executive Officer of Highbridge Capital
 Management, LLC.  Henry Swieca is a Co-Chief Executive Officer of Highbridge Capital Management, LLC.  Each of the Reporting
 Persons disclaims beneficial ownership of the shares of Common Stock owned by another Reporting Person to the extent such
 beneficial ownership exceeds such Reporting Person's pecuniary interest.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>HIGHBRIDGE CAPITAL MANAGEMENT, LLC, By: /s/ Carolyn Rubin, Managing Director</signatureName>
        <signatureDate>2007-02-20</signatureDate>
    </ownerSignature>
</ownershipDocument>
