SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No.2)*

Medicis Pharmaceutical Corporation

(Name of Issuer)

COMMON STOCK, $.001 PER SHARE

(Title of Class of Securities)

584690309

(CUSIP Number)

March 11, 2011

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

¨ Rule 13d-1(b)

x Rule 13d-1(c)

¨ Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 584690309 Page 2 of 10 Pages

1	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only) Visium Balanced Master Fund, Ltd
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)  ¨        (b)  ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION     Cayman Islands
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5	SOLE VOTING POWER     2,931,744 (See Item 4)
		6	SHARED VOTING POWER     None
		7	SOLE DISPOSITIVE POWER      2,931,744 (See Item 4)
		8	SHARED DISPOSITIVE POWER     None
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON     2,931,744 (See Item 4)
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*    ¨     Not Applicable
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)     4.83%
12	TYPE OF REPORTING PERSON*     OO

Page 2 of 10 Pages

CUSIP No. 584690309 Page 3 of 10 Pages

1	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only) Visium Institutional Partners Master Fund, Ltd
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)  ¨        (b)  ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION     United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5	SOLE VOTING POWER     191,593 (See Item 4)
		6	SHARED VOTING POWER     None (See Item 4)
		7	SOLE DISPOSITIVE POWER     191,593 (See Item 4)
		8	SHARED DISPOSITIVE POWER     None (See Item 4)
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON     191,593 (See Item 4)
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*    ¨     Not Applicable
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)     .32%
12	TYPE OF REPORTING PERSON*     OO

Page 3 of 10 Pages

CUSIP No. 584690309 Page 4 of 10 Pages

1	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only) Lyxor Visium Institutional Partners Fund, Ltd
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)  ¨        (b)  ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION     United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5	SOLE VOTING POWER     49,177 (See Item 4)
		6	SHARED VOTING POWER     None (See Item 4)
		7	SOLE DISPOSITIVE POWER     49,177 (See Item 4)
		8	SHARED DISPOSITIVE POWER     None (See Item 4)
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON     49,177 (See Item 4)
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*    ¨     Not Applicable
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)     .08%
12	TYPE OF REPORTING PERSON*     OO

Page 4 of 10 Pages

CUSIP No. 584690309 Page 5 of 10 Pages

1	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only) Visium Asset Management, LP
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)  ¨        (b)  ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION     United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5	SOLE VOTING POWER     3,172,514 (See Item 4)
		6	SHARED VOTING POWER     None (See Item 4)
		7	SOLE DISPOSITIVE POWER     3,172,514 (See Item 4)
		8	SHARED DISPOSITIVE POWER     None (See Item 4)
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON     3,172,514 (See Item 4)
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*    ¨     Not Applicable
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)     5.22%
12	TYPE OF REPORTING PERSON*     OO

Page 5 of 10 Pages

CUSIP No. 584690309 Page 6 of 10 Pages

1	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only) JG Asset, LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)  ¨        (b)  ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION     United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5	SOLE VOTING POWER     3,172,514 (See Item 4)
		6	SHARED VOTING POWER     None (See Item 4)
		7	SOLE DISPOSITIVE POWER     3,172,514 (See Item 4)
		8	SHARED DISPOSITIVE POWER     None (See Item 4)
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON     3,172,514 (See Item 4)
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*    ¨     Not Applicable
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)     5.22%
12	TYPE OF REPORTING PERSON*     OO

Page 6 of 10 Pages

CUSIP No. 584690309 Page 7 of 10 Pages

1	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only) Jacob Gottlieb
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)  ¨        (b)  ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION     United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5	SOLE VOTING POWER     3,172,514 (See Item 4)
		6	SHARED VOTING POWER     None (See Item 4)
		7	SOLE DISPOSITIVE POWER     3,172,514 (See Item 4)
		8	SHARED DISPOSITIVE POWER     None (See Item 4)
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON     3,172,514 (See Item 4)
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*    ¨     Not Applicable
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)     5.22%
12	TYPE OF REPORTING PERSON*     OO

Page 7 of 10 Pages

CUSIP No. 584690309 Page 8 of 10 Pages

Item 1	(a)	Name of Issuer:
		Medicis Pharmaceutical Corporation
	(b)	Address of Issuer’s Principal Executive Offices:
		7720 North Dobson Road Scottsdale,AZ 85256-2740
Item 2	(a) – (c)		This statement is filed on behalf of the following:
		(1)	Visium Balanced Master Fund, LTD, a Cayman Islands corporation (“VBMF”), with its principal business office at Visium Asset Management, LLC, 950 Third Avenue, New York, NY 10022
		(2)	Visium Institutional Partner Master Fund, LTD, a Cayman Islands corporation (“VIPF”), with its principal business office at Visium Asset Management, LLC, 950 Third Avenue, New York, NY 10022
		(3)	Lyxor Visium Institutional Partner Fund, LTD, a Jersey Channel Islands corporation (“LVIPF”), with its principal business office at Visium Asset Management, LLC, 950 Third Avenue, New York, NY 10022
		(4)	Visium Asset Management, LP, a Delaware limited partnership (“VAM”), with its principal business office at Visium Asset Management, LP, 950 Third Avenue, New York, NY 10022
		(5)	JG Asset, LLC, a Delaware limited liability company (“JG Asset”), with its principal business office c/o Visium Asset Management, LP, 950 Third Avenue, New York, NY 10022. JG Asset is the General Partner of VAM
		(6)	Jacob Gottlieb (“Gottlieb”), a natural person, with his principal business office c/o Visium Asset Management, LP, 950 Third Avenue, New York, NY 10022. Gottlieb is the Managing Member of JG Asset
	(d)	Title of Class of Securities:
		Common Stock, Par Value $.001 Per Share
	(e)	CUSIP Number:
		584690309
Item 3	If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:
	Not Applicable

Page 8 of 10 Pages

CUSIP No. 584690309 Page 9 of 10 Pages

Item 4	Ownership:1
	VBMF
	(a)	Amount Beneficially Owned:
		2,931,744
	(b)	Percent of Class:
		4.83 %
	(c)	Number of Shares as to which person has:
		(i)	sole power to vote or to direct vote:
			None
		(ii)	shared power to vote or to direct vote:
			2,931,744 shares
		(iii)	sole power to dispose or direct disposition of:
			None
		(iv)	shared power to dispose or to direct disposition of:
			2,931,744 shares
	VIPF
	(a)	Amount Beneficially Owned:
		191,593
	(b)	Percent of Class:
		.32 %
	(c)	Number of Shares as to which person has:
		(i)	sole power to vote or to direct vote:
			None
		(ii)	shared power to vote or to direct vote:
			191,593 shares
		(iii)	sole power to dispose or direct disposition of:
			None
		(iv)	shared power to dispose or to direct disposition of:
			191,593 shares
	LVIPF
	(a)	Amount Beneficially Owned:
		49,177
	(b)	Percent of Class:
		.08 %
	(c)	Number of Shares as to which person has:
		(i)	sole power to vote or to direct vote:
			None
		(ii)	shared power to vote or to direct vote:
			49,177 shares
		(iii)	sole power to dispose or direct disposition of:
			None
		(iv)	shared power to dispose or to direct disposition of:
			49,177 shares
	VAM
	(a)	Amount Beneficially Owned:
		By virtue of its position as investment manager to pooled investment funds, VAM may be deemed to beneficially own the 3,172,514 shares of the Company’s Common Stock beneficially owned by the pooled investment vehicles.
	(b)	Percent of Class:
		5.22 %
	(c)	Number of Shares as to which person has:
		(i)	sole power to vote or to direct vote:
			3,172,514 shares
		(ii)	shared power to vote or to direct vote:
			None
		(iii)	sole power to dispose or direct disposition of:
		(iv)	shared power to dispose or to direct disposition of:
			None
	JG Asset
	(a)	Amount Beneficially Owned:
		By virtue of its position as General Partner to VAM, JG Asset may be deemed to beneficially own the 3,172,514 shares of the Company’s Common Stock beneficially owned by VAM.
	(b)	Percent of Class:
		5.22 %
	(c)	Number of Shares as to which person has:
		(i)	sole power to vote or to direct vote:
			None
		(ii)	shared power to vote or to direct vote:
			3,172,514 shares
		(iii)	sole power to dispose or direct disposition of:
			None
		(iv)	shared power to dispose or to direct disposition of:
			3,172,514 shares
	Jacob Gottlieb
	(a)	Amount Beneficially Owned:
		By virtue of his position as the Managing Member of JG Asset, Gottlieb may be deemed to beneficially own the 3,172,514 shares of the Company’s Common Stock beneficially owned by JG Asset.
	(b)	Percent of Class:
		5.22 %
	(c)	Number of Shares as to which person has:
		(i)	sole power to vote or to direct vote:
			3,172,514 shares
		(ii)	shared power to vote or to direct vote:
			None
		(iii)	sole power to dispose or direct disposition of:
			3,172,514 shares
		(iv)	shared power to dispose or to direct disposition of:
			None
		(v)	sole power to dispose or direct disposition of:
			None
VAM, JG Asset and Gottlieb disclaim beneficial ownership as to the Securities, except to the extent of his or its pecuniary interests therein. Neither the filing of this Schedule nor any of its contents shall be deemed to constitute an admission that any of the other individual officers and members of VBMF, VIPF, LVIPF, VAM, or JG Asset is, for any purpose, the beneficial owner of any of the Securities.
Item 5	Ownership of Five Percent or Less of a Class:
	Not Applicable
Item 6	Ownership of More than Five Percent on Behalf of Another Person:
	Not Applicable
Item 7	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company:
	Not Applicable
Item 8	Identification and Classification of Members of the Group:
	Not Applicable
Item 9	Notice of Dissolution of Group:
	Not Applicable
Item 10	Certification:
	By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

¹ Note: Items (a), (c)(i) and (c)(iii) will need to be footnoted for each entity with footnote text at the end of this Item 4 to explain any warrant, conversion cap, etc. issues.

Page 9 of 10 Pages

CUSIP No. 584690309 Page 10 of 10 Pages

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: March 21, 2011

VISIUM BALANCED MASTER FUND, LTD
By:	/s/ Mark Gottlieb
	Mark Gottlieb
	Authorized Signatory
VISIUM INSTITUTIONAL PARTNERS MASTER FUND, LTD
By:	/s/ Mark Gottlieb
	Mark Gottlieb
	Authorized Signatory
LYXOR VISIUM INSTITUTIONAL PARTNERS FUND, LTD
By:	/s/ Mark Gottlieb
	Mark Gottlieb
	Authorized Signatory
VISIUM ASSET MANAGEMENT, LP
By:	/s/ Mark Gottlieb
	Mark Gottlieb
	Authorized Signatory
JG ASSET, LLC
By:	/s/ Mark Gottlieb
	Mark Gottlieb
	Authorized Signatory
JACOB GOTTLIEB
By:	/s/ Mark Gottlieb
	Mark Gottlieb
	Authorized Signatory

Page 10 of 10 Pages