8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of the earliest event reported): May 13, 2008

Valeant Pharmaceuticals International

(Exact name of registrant as specified in its charter)

Delaware	1-11397	33-0628076
(State or other jurisdiction of	(Commission File Number)	(I.R.S. Employer
incorporation or organization)		Identification No.)

One Enterprise
Aliso Viejo, California 92656
(Address of principal executive offices) (Zip Code)
(949) 461-6000
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 7.01 Regulation FD Disclosure
	Item 8.01 Other Events
	Item 9.01 Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX
EXHIBIT 99.1
Exhibit 99.2

Item 7.01 Regulation FD Disclosure

On May 13, 2008, Valeant Pharmaceuticals International (the “Company”) held a conference call and webcast to present the results of the second of two studies (RESTORE 2) in its Phase III clinical trials for retigabine. The presentation is attached as Exhibit 99.1. Exhibit 99.1 is also available on the Company’s website at http://valeant.com under Investor Relations.

The information in this Item 7.01, including Exhibit 99.1, will not be treated as filed for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section. This information will not be incorporated by reference into a filing under the Securities Act of 1933, or into another filing under the Exchange Act, unless that filing expressly refers to specific information in this report.

Item 8.01 Other Events

On May 13, 2008, the Company issued a press release announcing the results of the second of two studies (RESTORE 2) in its Phase III clinical trials for retigabine. The press release is attached as Exhibit 99.2.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits

Exhibit Number	Description
99.1	Presentation by the Company of the results of the second of two studies (RESTORE 2) in its Phase III clinical trials for retigabine.
99.2	Press release dated May 13, 2008.

FORWARD-LOOKING STATEMENTS

This current report, including the exhibits, contains forward-looking statements within the meaning of the federal securities laws relating to expectations, plans or prospects for the Company, including, but not limited to, statements regarding expectations or plans of the Company’s development program for retigabine and the potential role retigabine could play in managing epilepsy and in treating other indications, and the commercial opportunity retigabine may present for the Company. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties related to the clinical development of retigabine, the fact that adverse events are not always immediately apparent even in well designed clinical trials, regulatory approval processes, the potential that competitors may bring to market drugs or treatments that are more effective or more commercially attractive than retigabine, and other risks and uncertainties discussed in the company’s filings with the SEC. The Company wishes to caution the reader that these factors are among the factors that could cause actual results to differ materially from the expectations described in the forward-looking statements. The Company also cautions the reader that undue reliance should not be placed on any of the forward-looking statements, which speak only as of the date of the presentation and press release. The Company undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after such date or to reflect actual outcomes.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 13, 2008	VALEANT PHARMACEUTICALS    INTERNATIONAL
	By:	/s/ Eileen C. Pruette
		Eileen C. Pruette
		Executive Vice President, General Counsel

EXHIBIT INDEX

Exhibit Number	Description
99.1	Presentation by the Company of the results of the second of two studies (RESTORE 2) in its Phase III clinical trials for retigabine.
99.2	Press release dated May 13, 2008.

EX-99.1

Exhibit 99.1

RESTORE 2 Summary Results May 13, 2008

Retigabine A first-in-class neuronal potassium channel opener A novel mechanism of action A promising approach to treatment of epilepsy and other CNS diseases

Retigabine Clinical Program Positive, published* results from Study 205, the retigabine Phase IIb trial in epilepsy Tested 600, 900, and 1200 mg doses Positive results from RESTORE 1 Tested 1200 mg dose Positive results from RESTORE 2 available now Tested 600 mg and 900 mg doses Anticipate submitting to the US and European regulatory agencies in 2008 *Porter et al., Neurology, 2007

RESTORE Trials: Overview Pair of Phase III studies with similar design Randomized, double-blind, placebo-controlled Adult epilepsy patients with refractory partial-onset seizures on a stable regimen of 1 - 3 background anti-epileptic drugs (AEDs) Primary endpoints and study design appropriate to meet US and European regulatory guidance Global program: 118 sites in 17 countries RESTORE 1 & 2, together with Study 205, will form the core studies for regulatory submissions

Primary Efficacy Endpoints FDA Submission Median reduction in total partial-seizure frequency per 28 days from baseline to the end of the double-blind period EMEA* Submission Proportion of responders (>50% reduction in seizure frequency per 28 days comparing maintenance period to baseline) *EMEA = European Medicines Evaluation Agency

RESTORE 2 - Study Design 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Baseline Phase (8 weeks) Titration Phase (4 weeks) Maintenance Phase (12 weeks) 16-Week Double-Blind Phase Retigabine 900 mg/day Randomization Start Retigabine 300 mg/day (increase by 150 mg/day every week) Placebo Transition* (4 weeks) *Patients not entering the extension trial are tapered over 3 weeks. Open Label Extension Retigabine 600 mg/day Data on file. Valeant Pharmaceuticals International.

Patient Disposition *Safety / ITT = all subjects who took at least 1 dose of study medication Data on file. Valeant Pharmaceuticals International.

Summary Patient Characteristics CGI= Clinician's Global Impression ITT population Data on file. Valeant Pharmaceuticals International.

Primary Endpoint Results: FDA Endpoint Median reduction in 28-day total partial seizure frequency ** * ** * *p < 0.01 **p < 0.001 Median Reduction (%) ** ** ** * * * FDA endpoint ITT population Data on file. Valeant Pharmaceuticals International. 179 181 178 164 158 149 179 181 178

Primary Endpoint Results: CHMP† Endpoint for EMEA submission * ** ** * *p ^ 0.01 **p < 0.001 Responders (%) Responder Rate: ^50% decrease in 28-day total partial seizure frequency ** ** ** * * * CHMP endpoint †CHMP = European Union Committee for Human Medicinal Products ITT population Data on file. Valeant Pharmaceuticals International. 164 158 149 179 181 178 179 181 178

Most Common (^ 10%) Treatment-Emergent Adverse Events On Retigabine Data on file. Valeant Pharmaceuticals International. Safety Population

RESTORE PROGRAM RESULTS

RESTORE Program: FDA endpoint Median Reduction (%) Data on file. Valeant Pharmaceuticals International. Median reduction in 28-day total partial seizure frequency ITT population Double-blind phase *p ^ 0.01 **p < 0.001 ** ** * 151 179 181 178 150

RESTORE Program: EMEA endpoint Responders (%) Data on file. Valeant Pharmaceuticals International. Responder Rate: ^50% decrease in 28-day total partial seizure frequency ITT population Maintenance phase *p ^ 0.01 **p < 0.001 ** ** * 138 164 158 149 119

RESTORE Program: Per Protocol Population Results Responder Rate: ^50% decrease in 28-day total partial seizure frequency Responders (%) Per protocol = Completers without major protocol violation * * 122 149 130 117 89 *p < 0.001 * Data on file. Valeant Pharmaceuticals International.

Most Common (^ 10%) Treatment-Emergent Adverse Events On Retigabine

Safety experience Total subjects exposed: 1750+ Total epilepsy patients exposed: 1350+ 700+ patients for a minimum of 6 months 350+ patients for a minimum of 12 months Some subjects will have taken RTG for more than 6 years

RESTORE Program - Conclusions Met primary endpoints for FDA and CHMP Statistically superior to placebo (p<0.01) at all doses Clear dose response established Short titration to an effective dose Well-tolerated Adverse events generally dose-related Extensive safety experience Validates novel mechanism of action Important advance for patients with refractory partial onset epilepsy

Retigabine Program - Next Steps Submission to US and EU regulatory agencies in 2008 PHN (neuropathic pain) study ongoing Data anticipated in 2009 Modified release program on track Pediatric studies to start in 2009 Follow-on program, VRX698, expected to enter clinic by end of 2008

Retigabine: Commercial Implications Commercial opportunity on par with leading 2nd generation AEDs Partnering process well underway Launch preparations beginning in earnest Evaluating opportunities in epilepsy and other disease areas

EX-99.2

Exhibit 99.2

International Headquarters
One Enterprise Aliso Viejo, CA 92656
949.461.6000 FAX 949.461.6636

Contact:
Laurie W. Little, Valeant Pharmaceuticals
949-461-6002

VALEANT ANNOUNCES SUCCESFUL COMPLETION OF RETIGABINE PHASE III
EPILEPSY PROGRAM VALIDATING NOVEL MECHANISM OF ACTION

• RESTORE 2 shows efficacy in both 600 mg and 900 mg doses, building upon prior positive Phase III results with 1200 mg dose

• Retigabine is a potentially significant advance for treatment of epilepsy

• Valeant plans to submit NDA & MAA before end of 2008

Conference Call scheduled for today at 1:00 p.m. EDT (10:00 a.m. PDT)

     ALISO VIEJO, Calif., May 13, 2008 — Valeant Pharmaceuticals International (NYSE:VRX) today reported positive results for retigabine in RESTORE 2, the second of two Phase III pivotal trials, for this first-in-class neuronal potassium channel opener. Retigabine is being developed as an adjunctive treatment for adult epilepsy patients with refractory partial onset seizures. RESTORE 2 evaluated the 600 and 900 mg daily doses of retigabine versus placebo in patients taking stable doses of one to three additional anti-epileptic drugs (AEDs). Retigabine at both the 600 mg and 900 mg doses demonstrated highly statistically significant results on the primary efficacy endpoints important for regulatory review by both the U.S. Food and Drug Administration (FDA) and the European Medicines Evaluation Agency (EMEA).

     These results build upon the positive data at the 1200 mg dose in the RESTORE 1 study reported earlier this year. With the completion of the phase III program, retigabine has now been studied in more than 1,750 subjects, including more than 1,350 patients with epilepsy. More than 350 of these patients have taken retigabine for twelve or more months, including a few who have taken retigabine for six or more years. Valeant plans to submit a New Drug Application (NDA) with the FDA and a Marketing Authorization Application (MAA) with the EMEA before the end of this year.

     “We are extremely pleased with the efficacy and tolerability profile of retigabine as demonstrated in the RESTORE 2 study,” said J. Michael Pearson, Valeant’s chairman and chief executive officer. “These positive results further confirm the utility of selective potassium channel openers in refractory partial onset epilepsy. With our Phase III program now complete, we are excited both about the important medical advance retigabine represents in treating epilepsy patients, and the significant commercial opportunity this represents for Valeant.”

     “There is increasing evidence that medications with novel mechanisms of action improve outcomes in patients with refractory epilepsy,” said RESTORE 2 principal investigator Martin Brodie, M.D., Clinical and Research Director, Epilepsy Unit, University of Glasgow, Scotland. “This has been clearly demonstrated in the retigabine program, which has shown clinically meaningful results across a range of doses, providing greater flexibility to physicians in their efforts to treat the many patients with this potentially serious neurological disease.”

SUMMARY EFFICACY DATA

	Placebo		RTG 600 mg		RTG 900 mg
Median reduction in		15.9%		27.9%†		39.9%†
28-day total partial		n=179		n=181		n=178
seizure frequency* (ITT)
Median reduction in		17.4%		35.3%†		44.3%†
28-day total partial		n=164		n=158		n=149
seizure frequency during Maintenance Phase
Responder Rate‡ (ITT)		17.3%		31.5%†		39.3%†
		n=179		n=181		n=178
Responder Rate		18.9%		38.6%†		47.0%†
during Maintenance		n=164		n=158		n=149
Phase**

ITT	population defined as all subjects taking at least 1 dose of study medication
*	FDA endpoint
**	Endpoint per EU Committee for Human Medicinal Products (CHMP)
†	p <0.01 compared to placebo
‡	Responder Rate defined as ³ 50% reduction in 28-day total partial seizure frequency

     During RESTORE 2, 14.4 and 25.8 percent of patients in the retigabine 600 mg and 900 mg arms respectively and 7.8 percent of patients in the placebo arm withdrew due to adverse events. As expected, the most common side effects associated with retigabine in RESTORE 2 included dizziness, somnolence, and fatigue and were generally seen at much lower rates than at a 1200 mg dose in the RESTORE 1 trial. Comprehensive efficacy and safety results from RESTORE 2 are planned to be presented at upcoming scientific meetings in the United States and the European Union.

RESTORE 2 Trial Design

     The RESTORE 2 trial (RESTORE stands for Retigabine Efficacy and Safety Trials for Partial Onset Epilepsy) consisted of randomized, double-blinded, placebo-controlled, multi-center, parallel groups and assessed the efficacy and safety of retigabine compared to placebo in adult patients with epilepsy who were experiencing refractory partial-onset seizures despite receiving one, two or three AEDs. The study evaluated fixed doses of 600 and 900 mg/day of retigabine, administered in three divided doses, compared to placebo. The study enrolled 539 patients, ranging in age from 18-75 years old and was conducted at 69 sites across Europe, Israel, Australia, South Africa and the United States. Study duration was 30 weeks including 8 weeks baseline phase, 4 weeks forced titration phase, 12 weeks maintenance phase and 6 weeks transition phase. Following

completion of RESTORE 2, patients were offered the opportunity to continue treatment with retigabine in an open-label extension study and 92% percent of eligible patients chose to rollover into the extension study.

     RESTORE 2 was designed to meet regulatory guidance from both the FDA and the CHMP. The trial was conducted under a Special Protocol Assessment by the FDA.

     Retigabine has not been found by the FDA or any other regulatory agency to be safe or effective in the diagnosis, mitigation, treatment or cure of any disease or illness. It may not be sold or promoted in the United States unless and until the FDA has approved an NDA. Similar restrictions apply in other countries.

About Epilepsy

     Epilepsy is one of the most common neurological diseases, affecting approximately 50 million people worldwide. It is a brain disorder in which clusters of nerve cells, or neurons, in the brain sometimes signal abnormally. In epilepsy, the normal pattern of neuronal activity becomes disturbed, causing a seizure. Seizures can cause changes in behavior and emotions, strange sensations and sometimes convulsions, muscle spasms and loss of consciousness.

     Approximately 30 percent of people with epilepsy experience seizures that are not adequately controlled with currently prescribed AEDs. Individuals with epilepsy who do not achieve remission with AEDs are often severely disabled by their condition, have an unsatisfactory quality of life and are at increased risk of sudden unexpected death. Refractory epilepsy is associated with memory loss, lower levels of school performance, depression and impaired psychosocial skills.

About Potassium Channel Openers

     Potassium channels are one of the voltage-gated ion channels found in neuronal cells and are an important determinants of neuronal activity. Numerous ion-channel mutations have been linked to epilepsy, and many antiepileptic medications modulate sodium or calcium channels. Potassium channels have been demonstrated in animal models to be critical in regulating membrane potential. Retigabine is the first potassium channel opener to reach late stage clinical development. It is believed that by facilitating the opening of specific neuronal potassium channels, retigabine causes a hyperpolarizing shift in the potassium current and thereby reduces the excitability of neuronal cells. Dampening of neuronal excitability is an important mechanism for reducing the potential for seizures.

About Retigabine Program

     Retigabine was investigated in the Retigabine Efficacy and Safety Trials for partial Onset Epilepsy (RESTORE) trials, two large Phase III trials that evaluated the safety and efficacy of retigabine in refractory epilepsy patients who are receiving one, two, or three antiepileptic drugs (AEDs). In November 2007, Valeant initiated a Phase II clinical trial of retigabine for the treatment of pain associated with postherpetic neuralgia (PHN), a painful and common complication of shingles. Valeant expects to have data available from this study in 2009. Valeant is currently developing a modified release formulation in order to provide a more convenient dosing schedule. In addition, Valeant is also evaluating the potential use of retigabine in treating other indications.

About Valeant

     Valeant Pharmaceuticals International (NYSE:VRX) is a multinational specialty pharmaceutical company that develops and markets a broad range of pharmaceutical products primarily in the areas of neurology and dermatology. More information about Valeant can be found at www.valeant.com.

Conference Call and Webcast Information:

     Valeant will host a conference call and webcast on Tuesday, May 13, 2008 at 1:00 p.m. EDT (10:00 a.m. PDT) to discuss the results from its Phase III clinical trial. A webcast of this event will be available live over the Internet along with a slide presentation. The webcast may be accessed through the investor relations section of Valeant’s corporate Web site at www.valeant.com. The dial-in number to participate on this call is (877) 295-5743, confirmation code 47295455. International callers should dial (706) 679-0845, confirmation code 47295455. Interested parties will have access via the Internet and on the conference call to ask questions following the presentation. A replay will be available approximately two hours following the conclusion of the conference call and can be accessed by dialing (800) 642-1687, or (706) 645-9291, confirmation code 47295455.

FORWARD-LOOKING STATEMENTS

     This press release contains forward-looking statements, including, but not limited to, statements regarding expectations or plans of the company’s development program for retigabine and the potential role retigabine could play in managing epilepsy and in treating other indications, and the commercial opportunity retigabine may present for Valeant. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties related to the clinical development of retigabine, the fact that adverse events are not always immediately apparent even in well designed clinical trials, regulatory approval processes, the potential that competitors may bring to market drugs or treatments that are more effective of more commercially attractive than retigabine, and other risks and uncertainties discussed in the company’s filings with the SEC. Valeant wishes to caution the reader that these factors are among the factors that could cause actual results to differ materially from the expectations described in the forward-looking statements. Valeant also cautions the reader that undue reliance should not be placed on any of the forward-looking statements, which speak only as of the date of this release. The company undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this release or to reflect actual outcomes.

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