Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
RAETHER PAUL E
  2. Issuer Name and Ticker or Trading Symbol
JAZZ PHARMACEUTICALS INC [JAZZ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
_____ Officer (give title below) __X__ Other (specify below)
See footnotes (2)(3)(4) & (5)
(Last)
(First)
(Middle)
C/O KOHLBERG KRAVIS ROBERTS & CO. L.P., 9 WEST 57TH STREET
3. Date of Earliest Transaction (Month/Day/Year)
03/12/2008
(Street)

NEW YORK, NY 10019
4. If Amendment, Date 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
(City)
(State)
(Zip)
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

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Underlying Securities
(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 of Derivative Security: 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
Common Stock Warrant (right to buy) $ 20.36 03/12/2008   S     175,384 06/24/2005 06/24/2012 Common Stock 175,384 (1) 70,156 I See footnotes (2) (3) (4) (5)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
RAETHER PAUL E
C/O KOHLBERG KRAVIS ROBERTS & CO. L.P.
9 WEST 57TH STREET
NEW YORK, NY 10019
      See footnotes (2)(3)(4) & (5)
HUTH JOHANNES P
C/O KOHLBERG KRAVIS ROBERTS & CO. LTD.
STIRLING SQUARE, 7 CARLTON GARDEN
LONDON, X0 SW1Y 5AD
      See footnotes (2)(3)(4) & (5)
FISHER TODD A
C/O KOHLBERG KRAVIS ROBERTS & CO. LTD.
STIRLING SQUARE, 7 CARLTON GARDEN
LONDON, X0 SW1Y 5AD
      See footnotes (2)(3)(4) & (5)
Garaialde Jacques
C/O KOHLBERG KRAVIS ROBERTS & CO. LTD.
STIRLING SQUARE, 7 CARLTON GARDEN
LONDON, X0 SW1Y 5AD
      See footnotes (2)(3)(4) & (5)
Gorenflos Reinhard
C/O KOHLBERG KRAVIS ROBERTS & CO. LTD.
STIRLING SQUARE, 7 CARLTON GARDEN
LONDON, X0 SW1Y 5AD
      See footnotes (2)(3)(4) & (5)
CALBERT MICHAEL M
C/O KOHLBERG KRAVIS ROBERTS & CO. L.P.
2800 SAND HILL ROAD, SUITE 200
MENLO PARK, CA 94025
      See footnotes (2)(3)(4) & (5)
NUTTALL SCOTT C
C/O KOHLBERG KRAVIS ROBERTS & CO. L.P.
2800 SAND HILL ROAD, SUITE 200
MENLO PARK, CA 94025
      See footnotes (2)(3)(4) & (5)
NAVAB ALEXANDAR JR
C/O KOHLBERG KRAVIS ROBERTS & CO. L.P.
9 WEST 57TH STREET
NEW YORK, NY 10019
      See footnotes (2)(3)(4) & (5)
LIPSCHULTZ MARC S
C/O KOHLBERG KRAVIS ROBERTS & CO. L.P.
9 WEST 57TH STREET
NEW YORK, NY 10019
      See footnotes (2)(3)(4) & (5)
GOLKIN PERRY
C/O KOHLBERG KRAVIS ROBERTS & CO. L.P.
9 WEST 57TH STREET
NEW YORK, NY 10019
      See footnotes (2)(3)(4) & (5)

Signatures

 /s/ William J. Janetschek, as attorney-in-fact for Paul E. Raether   03/14/2008
**Signature of Reporting Person Date

 /s/ William J. Janetschek, as attorney-in-fact for Johannes P. Huth   03/14/2008
**Signature of Reporting Person Date

 /s/ William J. Janetschek, as attorney-in-fact for Todd A. Fisher   03/14/2008
**Signature of Reporting Person Date

 /s/ William J. Janetschek, as attorney-in-fact for Jacques Garaialde   03/14/2008
**Signature of Reporting Person Date

 /s/ William J. Janetschek, as attorney-in-fact for Reinhard Gorenflos   03/14/2008
**Signature of Reporting Person Date

 /s/ William J. Janetschek, as attorney-in-fact for Michael M. Calbert   03/14/2008
**Signature of Reporting Person Date

 /s/ William J. Janetschek, as attorney-in-fact for Scott C. Nuttall   03/14/2008
**Signature of Reporting Person Date

 /s/ William J. Janetschek, as attorney-in-fact for Alexander Navab   03/14/2008
**Signature of Reporting Person Date

 /s/ William J. Janetschek, as attorney-in-fact for Marc Lipschultz   03/14/2008
**Signature of Reporting Person Date

 /s/ William J. Janetschek, as attorney-in-fact for Perry Golkin   03/14/2008
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) The common stock warrants ("warrants") were sold by KKR Financial Holdings III, LLC concurrently with $17,857,000 principal amount of the Issuer's 15% Senior Secured Notes due June 24, 2011 for an aggregate purchase price of $17,857,000.
(2) The warrants are held by KKR Financial Holdings III, LLC. All of the outstanding equity interests of KKR Financial Holdings III, LLC are owned by KKR Financial Holdings LLC. KKR Financial Advisors LLC is the manager of KKR Financial Holdings LLC. KKR Financial LLC is the sole member of KKR Financial Advisors LLC. Kohlberg Kravis Roberts & Co. L.P. owns a majority of the outstanding equity interests of KKR Financial LLC. KKR & Co. LLC is the general partner of Kohlberg Kravis Roberts & Co. L.P. The investment committee of KKR Financial Advisors LLC reviews the investments held by KKR Financial Holdings LLC. (Continued to footnote 3)
(3) Scott C. Nuttall is one of four members of the investment committee, and Messrs. Henry R. Kravis and George R. Roberts are ad hoc members of the investment committee. The members of KKR & Co. LLC consist of Mr. Nuttall, James H. Greene, Jr., Paul E. Raether, Michael W. Michelson, Perry Golkin, Johannes P. Huth, Todd A. Fisher, Alexander Navab, Marc Lipschultz, Jacques Garaialde, Reinhard Gorenflos, Michael M. Calbert and other executives of Kohlberg Kravis Roberts & Co. L.P. In addition to being a member of KKR & Co. LLC, Mr. Michelson is a member of the Issuer's board of directors. Each of James C. Momtazee and Nathaniel M. Zilkha is a member of the Issuer's board of directors and is an executive of Kohlberg Kravis Roberts & Co. L.P. Jaimin Patel is a member of the Issuer's board of directors and is an associate of Kohlberg Kravis Roberts & Co. L.P. (Continued on footnote 4)
(4) Messrs. Kravis and Roberts, as managing members of KKR & Co. LLC, may be deemed to share beneficial ownership of any shares beneficially owned by KKR & Co. LLC, but disclaim beneficial ownership of such shares, except to the extent of their pecuniary interest therein. The other members of KKR & Co. LLC disclaim beneficial ownership of any shares beneficially owned by KKR & Co. LLC. Messrs. Momtazee, Zilkha and Patel disclaim beneficial ownership of any shares beneficially owned by Kohlberg Kravis Roberts & Co. L.P.
(5) Pursuant to Instruction (5)(b)(iv) of Form 4, the Reporting Persons have elected to report as indirectly beneficially owned the entire number of securities beneficially owned by KKR Financial Holdings III, LLC.
 
Remarks:
Due to SEC limitations on the number of joint filers that may be reported electronically on one Form 4, and in order to include additional joint filers, this Form 4 is filed as Part 2 of 3 parts.

The filing of this statement shall not be deemed an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934, or otherwise, the individual Reporting Persons are the beneficial owners of all of the equity securities covered by this statement.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.