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* ValueAct Holdings, L.P. (Last) (First) (Middle) 435 PACIFIC AVENUE, 4TH FLOOR (Street) SAN FRANCISCO CA 94133 (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 X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 05/07/2009
	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
Common Stock, par value $.01 per share	05/07/2009		P		50,000	A	$18.88	13,291,300	I	See footnote(1)
Common Stock, par value $.01 per share	05/07/2009		P		200,000	A	$18.95	13,491,300	I	See footnote(1)
Common Stock, par value $.01 per share	05/07/2009		P		250,000	A	$18.94	13,741,300	I	See footnote(1)
Common Stock, par value $.01 per share	05/07/2009		P		147,246	A	$18.93	13,888,546	I	See footnote(1)
Common Stock, par value $.01 per share	05/08/2009		P		50,000	A	$19.49	13,938,546	I	See footnote(1)
Common Stock, par value $.01 per share	05/08/2009		P		200,000	A	$19.58	14,138,546	I	See footnote(1)
Common Stock, par value $.01 per share	05/08/2009		P		200,000	A	$19.64	14,338,546	I	See footnote(1)
Common Stock, par value $.01 per share	05/08/2009		P		110,268	A	$19.48	14,448,814	I	See footnote(1)
Common Stock, par value $.01 per share	05/11/2009		P		100,000	A	$19.24	14,548,814	I	See footnote(1)
Common Stock, par value $.01 per share	05/11/2009		P		130,000	A	$19.38	14,678,814	I	See footnote(1)
Common Stock, par value $.01 per share	05/11/2009		P		100,000	A	$19.1	14,778,814	I	See footnote(1)
Common Stock, par value $.01 per share	05/11/2009		P		100,000	A	$19.46	14,878,814	I	See footnote(1)

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* ValueAct Holdings, L.P. (Last) (First) (Middle) 435 PACIFIC AVENUE, 4TH FLOOR (Street) SAN FRANCISCO CA 94133 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* VA Partners I, LLC (Last) (First) (Middle) 435 PACIFIC AVENUE, 4TH FLOOR (Street) SAN FRANCISCO CA 94133 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* ValueAct Capital Management, L.P. (Last) (First) (Middle) 435 PACIFIC AVENUE, 4TH FLOOR (Street) SAN FRANCISCO CA 94133 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* ValueAct Capital Management, LLC (Last) (First) (Middle) 435 PACIFIC AVENUE, 4TH FLOOR (Street) SAN FRANCISCO CA 94133 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* ValueAct Holdings GP, LLC (Last) (First) (Middle) 435 PACIFIC AVENUE, 4TH FLOOR (Street) SAN FRANCISCO CA 94133 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Securities reported are directly beneficially owned by ValueAct Capital Master Fund LP & may be deemed indirectly beneficially owned by(i)VA Partners I LLC as General Partner("GP")of ValueAct Capital Master Fund LP(ii)ValueAct Capital Management LP as the manager of ValueAct Capital Master Fund LP(iii)ValueAct Capital Management LLC as GP of ValueAct Capital Management LP(iv)ValueAct Holdings LP as the sole owner of the limited partnership interests of ValueAct Capital Management LP & the membership interests of ValueAct Capital Management LLC & as majority owner of the membership interests of VA Partners I LLC &(v)ValueAct Holdings GP LLC as GP of ValueAct Holdings LP. Reporting persons disclaim beneficial ownership of the reported securities except to the extent of its pecuniary interest therein & this report shall not be deemed an admission that such person is the beneficial owner of the securities for purposes of Sec 16 of Securities Exchange Act of 1934 or for any other purpose

Remarks:

The reporting persons herein may be deemed to be members of a "group" for purposes of the Securities Exchange Act of 1934, as amended. Each peporting person disclaims beneficial ownership of any securities deemed to be owned by the group that are not directly owned by such reporting person. This report shall not be deemed an admission that such reporting person is a member of a group or the beneficial owner of any securities not directly owned by such reporting person. Joint Filer Information: Name: ValueAct Capital Master Fund, L.P. Address: 435 Pacific Avenue, 4th Floor, San Francisco, CA 94133 Designated Filer: ValueAct Holdings, L.P. Issuer and Ticker: Valeant Pharmaceuticals International (VRX) Date of Event Requiring Statement: 05/07/2009 Name: VA Partners I, LLC Address: 435 Pacific Avenue, 4th Floor, San Francisco, CA 94133 Designated Filer: ValueAct Holdings, L.P. Issuer and Ticker: Valeant Pharmaceuticals International (VRX) Date of Event Requiring Statement: 05/07/2009 Name: ValueAct Capital Management, L.P. Address: 435 Pacific Avenue, 4th Floor, San Francisco, CA 94133 Designated Filer: ValueAct Holdings, L.P. Issuer and Ticker: Valeant Pharmaceuticals International (VRX) Date of Event Requiring Statement: 05/07/2009 Name: ValueAct Capital Management, LLC Address: 435 Pacific Avenue, 4th Floor, San Francisco, CA 94133 Designated Filer: ValueAct Holdings, L.P. Issuer and Ticker: Valeant Pharmaceuticals International (VRX) Date of Event Requiring Statement: 05/07/2009 Name: ValueAct Holdings GP, LLC Address: 435 Pacific Avenue, 4th Floor, San Francisco, CA 94133 Designated Filer: ValueAct Holdings, L.P. Issuer and Ticker: Valeant Pharmaceuticals International (VRX) Date of Event Requiring Statement: 05/07/2009

	VALUEACT HOLDINGS, L.P., By: VALUEACT HOLDINGS GP, LLC, its General Partner, By:/s/ George F. Hamel. Jr., Chief Operating Officer	05/11/2009
	VALUEACT CAPITAL MASTER FUND, L.P., By: VA PARTNERS I, LLC, its General Partner, By:/s/ George F. Hamel. Jr., Chief Operating Officer	05/11/2009
	VA PARTNERS I, LLC, By:/s/ George F. Hamel. Jr., Chief Operating Officer	05/11/2009
	VALUEACT CAPITAL MANAGEMENT, L.P., By: VALUEACT CAPITAL MANAGEMENT, LLC, its General Partner, By:/s/ George F. Hamel. Jr., Chief Operating Officer	05/11/2009
	VALUEACT CAPITAL MANAGEMENT, LLC, By:/s/ George F. Hamel. Jr., Chief Operating Officer	05/11/2009
	VALUEACT HOLDINGS GP, LLC, By:/s/ George F. Hamel. Jr., Chief Operating Officer	05/11/2009
	** 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.