-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Il56M8vJF3znsEcZjAwIGBqRHKTh4D5HvrMWXC1w9S9O8xOxVDs2eOBdjzXCNY6O
 NKh9LY5n5PD0tTBlWH3e9A==

<SEC-DOCUMENT>0000902664-09-003992.txt : 20091120
<SEC-HEADER>0000902664-09-003992.hdr.sgml : 20091120
<ACCEPTANCE-DATETIME>20091120164234
ACCESSION NUMBER:		0000902664-09-003992
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20091118
FILED AS OF DATE:		20091120
DATE AS OF CHANGE:		20091120

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALEANT PHARMACEUTICALS INTERNATIONAL
		CENTRAL INDEX KEY:			0000930184
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				330628076
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		ONE ENTERPRISE
		CITY:			ALISO VIEJO
		STATE:			CA
		ZIP:			92656
		BUSINESS PHONE:		949-461-6000

	MAIL ADDRESS:	
		STREET 1:		ONE ENTERPRISE
		CITY:			ALISO VIEJO
		STATE:			CA
		ZIP:			92656

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ICN PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	19941114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ICN MERGER CORP
		DATE OF NAME CHANGE:	19940915

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HealthCor Hybrid Offshore GP, LLC
		CENTRAL INDEX KEY:			0001454849
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11397
		FILM NUMBER:		091199132

	BUSINESS ADDRESS:	
		STREET 1:		152 WEST 57TH STREET
		STREET 2:		43RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2126227872

	MAIL ADDRESS:	
		STREET 1:		152 WEST 57TH STREET
		STREET 2:		43RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HealthCor Hybrid Offshore Master Fund, L.P.
		CENTRAL INDEX KEY:			0001454850
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11397
		FILM NUMBER:		091199131

	BUSINESS ADDRESS:	
		STREET 1:		MAPLES & CALDER FINANCIAL SERVICES, LTD.
		STREET 2:		UGLAND HOUSE
		CITY:			GEORGE TOWN
		STATE:			E9
		ZIP:			KY1-1104
		BUSINESS PHONE:		2126227872

	MAIL ADDRESS:	
		STREET 1:		152 WEST 57TH STREET
		STREET 2:		43RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HealthCor Offshore GP, LLC
		CENTRAL INDEX KEY:			0001454852
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11397
		FILM NUMBER:		091199133

	BUSINESS ADDRESS:	
		STREET 1:		152 WEST 57TH STREET
		STREET 2:		43RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2126227872

	MAIL ADDRESS:	
		STREET 1:		152 WEST 57TH STREET
		STREET 2:		43RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HealthCor Offshore Master Fund, L.P.
		CENTRAL INDEX KEY:			0001454853
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11397
		FILM NUMBER:		091199130

	BUSINESS ADDRESS:	
		STREET 1:		MAPLES & CALDER FINANCIAL SERVICES, LTD.
		STREET 2:		UGLAND HOUSE
		CITY:			GEORGE TOWN
		STATE:			E9
		ZIP:			KY1-1104
		BUSINESS PHONE:		2126227872

	MAIL ADDRESS:	
		STREET 1:		152 WEST 57TH STREET
		STREET 2:		43RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>p09-2004form4_ex.xml
<DESCRIPTION>HEALTHCOR MANAGEMENT, L.P.
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2009-11-18</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0000930184</issuerCik>
        <issuerName>VALEANT PHARMACEUTICALS INTERNATIONAL</issuerName>
        <issuerTradingSymbol>VRX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001454852</rptOwnerCik>
            <rptOwnerName>HealthCor Offshore GP, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>152 WEST 57TH STREET</rptOwnerStreet1>
            <rptOwnerStreet2>43RD FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001454849</rptOwnerCik>
            <rptOwnerName>HealthCor Hybrid Offshore GP, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>152 WEST 57TH STREET</rptOwnerStreet1>
            <rptOwnerStreet2>43RD FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001454850</rptOwnerCik>
            <rptOwnerName>HealthCor Hybrid Offshore Master Fund, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>152 WEST 57TH STREET</rptOwnerStreet1>
            <rptOwnerStreet2>43RD FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001454853</rptOwnerCik>
            <rptOwnerName>HealthCor Offshore Master Fund, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>152 WEST 57TH STREET</rptOwnerStreet1>
            <rptOwnerStreet2>43RD FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common stock, par value $0.01 per share (the &quot;Common Stock&quot;)</value>
            </securityTitle>
            <transactionDate>
                <value>2009-11-18</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3000000</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>32.25</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7000000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">On November 18, 2009, HealthCor, L.P., HealthCor Offshore Master Fund, L.P. and HealthCor Hybrid Offshore Master Fund, L.P.
 entered into a definitive binding agreement to sell an aggregate of 3,000,000 shares of Common Stock back to Valeant
 Pharmaceuticals, Inc. in an off-exchange, privately negotiated transaction. The closing under the agreement occurred on
 November 19, 2009.</footnote>
        <footnote id="F2">HealthCor Management, L.P. is the investment manager of HealthCor, L.P., HealthCor Offshore Master Fund, L.P. and HealthCor
 Hybrid Offshore Master Fund, L.P., which are the direct beneficial owners of the securities reported herein.  The general
 partner of HealthCor, L.P. is HealthCor Capital, L.P. and the general partner of HealthCor Capital, L.P. is HealthCor Group,
 LLC. The general partner of HealthCor Offshore Master Fund, L.P. is HealthCor Offshore GP, LLC.  The general partner of
 HealthCor Hybrid Offshore Master Fund, L.P. is HealthCor Hybrid Offshore GP, LLC.  HealthCor Group, LLC is the general
 partner of HealthCor Offshore GP, LLC and HealthCor Hybrid Offshore GP, LLC.  HealthCor Associates, LLC is the general
 partner of HealthCor Management, L.P. and Arthur Cohen and Joseph Healey are the managers of HealthCor Associates, LLC.</footnote>
        <footnote id="F3">(Continued from footnote 2)
Each of the Reporting Persons disclaim beneficial ownership of any and all such securities in excess of its or their own
 actual pecuniary interest.</footnote>
    </footnotes>

    <remarks>Due to the number of reporting persons, this is one of two Form 4s filed relating to the same transaction.</remarks>

    <ownerSignature>
        <signatureName>HEALTHCOR MANAGEMENT, L.P., By: HealthCor Associates, LLC, its general partner, By: /s/ John H. Coghlin, General Counsel</signatureName>
        <signatureDate>2009-11-20</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>HEALTHCOR CAPITAL L.P., for itself and as manager on behalf of HEALTHCOR L.P., By: HealthCor Group, LLC, its general partner, By: /s/ John H. Coghlin, General Counsel</signatureName>
        <signatureDate>2009-11-20</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>HEALTHCOR OFFSHORE GP, LLC, for itself and as general partner on behalf of HEALTHCOR OFFSHORE MASTER FUND, L.P.,  By: HealthCor Group, LLC, its general partner, By: /s/ John H. Coghlin, General Counsel</signatureName>
        <signatureDate>2009-11-20</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>HEALTHCOR HYBRID OFFSHORE GP, LLC, for itself and as general partner on behalf of HEALTHCOR HYBRID OFFSHORE MASTER FUND, L.P., By: HealthCor Group, LLC, its general partner, By: /s/ John H. Coghlin, General Counsel</signatureName>
        <signatureDate>2009-11-20</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>HEALTHCOR ASSOCIATES, LLC, By: /s/ John H. Coghlin, General Counsel</signatureName>
        <signatureDate>2009-11-20</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>HEALTHCOR GROUP, LLC, for itself and as general partner of (i) HEALTHCOR OFFSHORE GP, LLC, and (ii) HEALTHCOR HYBRID OFFSHORE GP, LLC, By: /s/ John H. Coghlin, General Counsel</signatureName>
        <signatureDate>2009-11-20</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Joseph Healey, Individually</signatureName>
        <signatureDate>2009-11-20</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Arthur Cohen, Individually</signatureName>
        <signatureDate>2009-11-20</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----