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SEC FORM 4 SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940 		 
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Highbridge International LLC
(Last) (First) (Middle)
C/O HARMONIC FUND SERVICES
THE CAYMAN CORPORATE CENTRE, 4TH FLOOR
(Street)
27 HOSPITAL ROAD, GRAND CAYMAN E9 00000
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
ENZON PHARMACEUTICALS INC [ ENZN ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
02/15/2007
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Shares of common stock, $0.01 par value ("Common Stock") 02/15/2007 P 30,000 A $8.67 30,000 I(2)(3) See footnotes(2)(3)
Common Stock 02/15/2007 P 8,368 A $8.75 38,368 I(3)(4) See footnotes(3)(4)
Common Stock 02/15/2007 P 8,743 A $8.74 47,111 I(3)(5) See footnotes(3)(5)
Common Stock 02/15/2007 P 9,065 A $8.73 56,176 I(3)(6) See footnotes(3)(6)
Common Stock 02/15/2007 P 8,700 A $8.72 64,876 I(3)(7) See footnotes(3)(7)
Common Stock 02/15/2007 P 4,034 A $8.71 68,910 I(3)(8) See footnotes(3)(8)
Common Stock 02/15/2007 J(1) 4,034 D $8.71 64,876 I(3)(8) See footnotes(3)(8)
Common Stock 02/15/2007 J(1) 8,700 D $8.72 56,176 I(3)(7) See footnotes(3)(7)
Common Stock 02/15/2007 J(1) 9,065 D $8.73 47,111 I(3)(6) See footnotes(3)(6)
Common Stock 02/15/2007 J(1) 8,743 D $8.74 38,368 I(3)(5) See footnotes(3)(5)
Common Stock 02/15/2007 J(1) 8,368 D $8.75 30,000 I(3)(4) See footnotes(3)(4)
Common Stock 02/15/2007 J(1) 30,000 D $8.76 0 I(2)(3) See footnotes(2)(3)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
Highbridge International LLC
(Last) (First) (Middle)
C/O HARMONIC FUND SERVICES
THE CAYMAN CORPORATE CENTRE, 4TH FLOOR
(Street)
27 HOSPITAL ROAD, GRAND CAYMAN E9 00000
(City) (State) (Zip)
1. Name and Address of Reporting Person*
Dubin Glenn
(Last) (First) (Middle)
C/O HIGHBRIDGE CAPITAL MANAGEMENT, LLC
9 WEST 57TH STREET, 27TH FLOOR
(Street)
NEW YORK NY 10019
(City) (State) (Zip)
1. Name and Address of Reporting Person*
Highbridge Convertible Arbitrage Master Fund, L.P.
(Last) (First) (Middle)
C/O HIGHBRIDGE CAPITAL MANAGEMENT, LLC
9 WEST 57TH STREET, 27TH FLOOR
(Street)
NEW YORK X1 10019
(City) (State) (Zip)
1. Name and Address of Reporting Person*
HIGHBRIDGE CAPITAL MANAGEMENT LLC
(Last) (First) (Middle)
9 WEST 57TH STREET, 27TH FLOOR
(Street)
NEW YORK NY 10019
(City) (State) (Zip)
1. Name and Address of Reporting Person*
Swieca Henry
(Last) (First) (Middle)
C/O HIGHBRIDGE CAPITAL MANAGEMENT, LLC
9 WEST 57TH STREET, 27TH FLOOR
(Street)
NEW YORK NY 10019
(City) (State) (Zip)
1. Name and Address of Reporting Person*
HIGHBRIDGE CAPITAL CORP
(Last) (First) (Middle)
C/O HARMONIC FUND SERVICES
THE CAYMAN CORPORATE CENTRE, 4TH FLOOR
(Street)
27 HOSPITAL ROAD GRAND CAYMAN E9 00000
(City) (State) (Zip)
Explanation of Responses:
1. Exempt transfer of shares to return shares borrowed in connection with short sales entered into prior to the time that the Reporting Persons became subject to the reporting requirements of Section 16.
2. 6,269 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 23,731 shares of Common Stock are attributable to Highbridge International LLC.
3. 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 Convertible Arbitrage Master Fund, L.P. and Highbridge Master 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.
4. 1,749 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 6,619 shares of Common Stock are attributable to Highbridge International LLC.
5. 1,827 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 6,916 shares of Common Stock are attributable to Highbridge International LLC.
6. 1,894 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 7,171 shares of Common Stock are attributable to Highbridge International LLC.
7. 1,818 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 6,882 shares of Common Stock are attributable to Highbridge International LLC.
8. 843 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 3191 shares of Common Stock are attributable to Highbridge International LLC.
HIGHBRIDGE CAPITAL MANAGEMENT, LLC, By: /s/ Carolyn Rubin, Managing Director 02/20/2007
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
                             Joint Filer Information

NAME: Highbridge International LLC

ADDRESS:  The Cayman Corporate Centre, 4th Floor
          27 Hospital Road
          George Town, Grand Cayman
          Cayman Islands, British West Indies

DESIGNATED FILER: Highbridge Capital Management, LLC

ISSUER: Enzon Pharmaceuticals, Inc.

DATE OF EVENT REQUIRING STATEMENT: February 15, 2007

SIGNATURE:  HIGHBRIDGE INTERNATIONAL LLC

            By: Highbridge Capital Management, LLC
                 its Trading Manager

            By: /s/ Carolyn Rubin
                ----------------------------
            Name: Carolyn Rubin
            Title: Managing Director






                             Joint Filer Information

NAME: Highbridge Convertible Arbitrage Master Fund, L.P.

ADDRESS:   c/o Highbridge Capital Management, LLC
           9 West 57th Street, 27th Floor
           New York, New York 10019

DESIGNATED FILER: Highbridge Capital Management, LLC

ISSUER: Enzon Pharmaceuticals, Inc.

DATE OF EVENT REQUIRING STATEMENT: February 15, 2007

SIGNATURE:  HIGHBRIDGE CONVERTIBLE ARBITRAGE MASTER FUND, L.P.

            By: Highbridge Capital Management, LLC
                 its Trading Manager

            By: /s/ Carolyn Rubin
                ----------------------------
            Name: Carolyn Rubin
            Title: Managing Director






                             Joint Filer Information

NAME: Highbridge Capital Corporation

ADDRESS:  c/o Harmonic Fund Services
          The Cayman Corporate Centre, 4th Floor
          27 Hospital Road
          Grand Cayman, Cayman Islands, British West Indies

DESIGNATED FILER: Highbridge Capital Management, LLC

ISSUER: Enzon Pharmaceuticals, Inc.

DATE OF EVENT REQUIRING STATEMENT: February 15, 2007

SIGNATURE:  HIGHBRIDGE CAPITAL CORPORATION

            By: Highbridge Capital Management, LLC
                 its Trading Manager

            By: /s/ Carolyn Rubin
                ----------------------------
            Name: Carolyn Rubin
            Title: Managing Director






                             Joint Filer Information

NAME: Highbridge Capital L.P.

ADDRESS:  c/o Highbridge Capital Management, LLC
          9 West 57th Street, 27th Floor
          New York, New York 10019

DESIGNATED FILER: Highbridge Capital Management, LLC

ISSUER: Enzon Pharmaceuticals, Inc.

DATE OF EVENT REQUIRING STATEMENT: February 15, 2007

SIGNATURE:  HIGHBRIDGE CAPITAL L.P.

            By: Highbridge GP, LLC
                 its General Partner

            By: /s/ Clive Harris
                ----------------------------
            Name: Clive Harris
            Title: Director






                             Joint Filer Information

NAME: Highbridge Master L.P.

ADDRESS:  c/o Harmonic Fund Services
          The Cayman Corporate Centre, 4th Floor
          27 Hospital Road
          Grand Cayman, Cayman Islands, British West Indies

DESIGNATED FILER: Highbridge Capital Management, LLC

ISSUER: Enzon Pharmaceuticals, Inc.

DATE OF EVENT REQUIRING STATEMENT: February 15, 2007

SIGNATURE:  HIGHBRIDGE MASTER L.P.

            By: Highbridge GP, Ltd.
                 its General Partner

            By: /s/ Clive Harris
                ----------------------------
            Name: Clive Harris
            Title: Director






                             Joint Filer Information

NAME: Highbridge GP, Ltd.

ADDRESS:  c/o Harmonic Fund Services
          The Cayman Corporate Centre, 4th Floor
          27 Hospital Road
          Grand Cayman, Cayman Islands, British West Indies

DESIGNATED FILER: Highbridge Capital Management, LLC

ISSUER: Enzon Pharmaceuticals, Inc.

DATE OF EVENT REQUIRING STATEMENT: February 15, 2007

SIGNATURE:  HIGHBRIDGE GP, LTD.


            By: /s/ Clive Harris
                ----------------------------
            Name: Clive Harris
            Title: Director






                             Joint Filer Information

NAME: Highbridge GP, LLC

ADDRESS:  c/o Highbridge Capital Management, LLC
          9 West 57th Street, 27th Floor
          New York, New York 10019

DESIGNATED FILER: Highbridge Capital Management, LLC

ISSUER: Enzon Pharmaceuticals, Inc.

DATE OF EVENT REQUIRING STATEMENT: February 15, 2007

SIGNATURE:  HIGHBRIDGE GP, LLC


            By: /s/ Clive Harris
                ----------------------------
            Name: Clive Harris
            Title: Director






                             Joint Filer Information

NAME: Glenn Dubin

ADDRESS:   c/o Highbridge Capital Management, LLC
           9 West 57th Street, 27th Floor
           New York, New York 10019

DESIGNATED FILER: Highbridge Capital Management, LLC

ISSUER: Enzon Pharmaceuticals, Inc.

DATE OF EVENT REQUIRING STATEMENT: February 15, 2007

SIGNATURE:
              /s/ Glenn Dubin
              ------------------------------
              GLENN DUBIN






                             Joint Filer Information

NAME: Henry Swieca

ADDRESS:   c/o Highbridge Capital Management, LLC
           9 West 57th Street, 27th Floor
           New York, New York 10019

DESIGNATED FILER: Highbridge Capital Management, LLC

ISSUER: Enzon Pharmaceuticals, Inc.

DATE OF EVENT REQUIRING STATEMENT: February 15, 2007

SIGNATURE:
              /s/ Henry Swieca
              ------------------------------
              HENRY SWIECA