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

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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^*

Blott Peter J

(Last)

(First)

(Middle)

ONE ENTERPRISE

(Street)

ALISO VIEJO

92656

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
VALEANT PHARMACEUTICALS INTERNATIONAL [ VRX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP, Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/28/2010

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	09/28/2010		D		216,889	D	⁽¹⁾	0	D

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Incentive Stock Option (right to buy)	$16.76	09/28/2010		D			23,864	⁽²⁾	06/30/2013	Common Stock	23,864	⁽²⁾	0	D
Non-qualified Stock Option (right to buy)	$16.76	09/28/2010		D			26,136	⁽²⁾	06/30/2013	Common Stock	26,136	⁽²⁾	0	D
Non-qualified Stock Option (right to buy)	$17.72	09/28/2010		D			34,000	⁽³⁾	11/01/2015	Common Stock	34,000	⁽³⁾	0	D
Non-qualified Stock Option (right to buy)	$18.68	09/28/2010		D			45,000	⁽⁴⁾	10/31/2016	Common Stock	45,000	⁽⁴⁾	0	D
Incentive Stock Option (right to buy)	$14.8	09/28/2010		D			20,268	⁽⁵⁾	10/30/2017	Common Stock	20,268	⁽⁵⁾	0	D
Non-qualified Stock Option (right to buy)	$14.8	09/28/2010		D			29,732	⁽⁵⁾	10/30/2017	Common Stock	29,732	⁽⁵⁾	0	D
Non-qualified Stock Option (right to buy)	$18.55	09/28/2010		D			13,500	⁽⁶⁾	11/04/2013	Common Stock	13,500	⁽⁶⁾	0	D
Non-qualified Stock Option (right to buy)	$23.92	09/28/2010		D			15,820	⁽⁷⁾	11/26/2014	Common Stock	15,820	⁽⁷⁾	0	D
Incentive Stock Option (right to buy)	$23.92	09/28/2010		D			4,180	⁽⁷⁾	11/26/2014	Common Stock	4,180	⁽⁷⁾	0	D
Non-qualified Stock Option (right to buy)	$38.47	09/28/2010		D			97,948	⁽⁸⁾	03/03/2017	Common Stock	97,948	⁽⁸⁾	0	D

Explanation of Responses:

1. 216,889 restricted stock units disposed pursuant to merger agreement between issuer and, among others, Biovail Corporation in exchange for 386,258 shares of Valeant Pharmaceuticals International Inc. common stock. The fair market value of Valeant Pharmaceuticals International, Inc. on the effective date of the merger was $26.00 per share.

2. This option was assumed by Valeant Pharmaceuticals International, Inc. in the merger and replaced with an option to purchase 139,886 shares of Valeant Pharmaceuticals International, Inc. common stock for $5.99 per share.

3. This option was assumed by Valeant Pharmaceuticals International, Inc. in the merger and replaced with an option to purchase 95,124 shares of Valeant Pharmaceuticals International, Inc. common stock for $6.33 per share.

4. This option was assumed by Valeant Pharmaceuticals International, Inc. in the merger and replaced with an option to purchase 125,900 shares of Valeant Pharmaceuticals International, Inc. common stock for $6.68 per share.

5. This option was assumed by Valeant Pharmaceuticals International, Inc. in the merger and replaced with an option to purchase 139,887 shares of Valeant Pharmaceuticals International, Inc. common stock for $5.29 per share.

6. This option was assumed by Valeant Pharmaceuticals International, Inc. in the merger and replaced with an option to purchase 37,769 shares of Valeant Pharmaceuticals International, Inc. common stock for $6.63 per share.

7. This option was assumed by Valeant Pharmaceuticals International, Inc. in the merger and replaced with an option to purchase 55,953 shares of Valeant Pharmaceuticals International, Inc. common stock for $8.55 per share.

8. This option was assumed by Valeant Pharmaceuticals International, Inc. in the merger and replaced with an option to purchase 274,037 shares of Valeant Pharmaceuticals International, Inc. common stock for $13.75 per share.

	By: Michelle May For: Peter J. Blott	10/20/2010
	** Signature of Reporting Person	Date
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