Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  ValueAct Holdings, L.P.
 2. Date of Event Requiring Statement (Month/Day/Year)
09/28/2010		 3. Issuer Name and Ticker or Trading Symbol
Valeant Pharmaceuticals International, Inc. [VRX]
(Last)
(First)
(Middle)
435 PACIFIC AVENUE, 4TH FLOOR, 		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) __X__ Other (specify below)
See remarks
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

SAN FRANCISCO, CA 94133		 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
ValueAct Holdings, L.P.
435 PACIFIC AVENUE, 4TH FLOOR
SAN FRANCISCO, CA 94133		   X     See remarks
ValueAct Capital Master Fund, L.P.
435 PACIFIC AVENUE
4TH FLOOR
SAN FRANCISCO, CA 94133		   X     See remarks
VA Partners I, LLC
435 PACIFIC AVENUE, 4TH FLOOR
SAN FRANCISCO, CA 94133		   X     See remarks
ValueAct Capital Management, L.P.
435 PACIFIC AVENUE, 4TH FLOOR
SAN FRANCISCO, CA 94133		   X     See remarks
ValueAct Capital Management, LLC
435 PACIFIC AVENUE, 4TH FLOOR
SAN FRANCISCO, CA 94133		   X     See remarks
ValueAct Holdings GP, LLC
435 PACIFIC AVENUE, 4TH FLOOR
SAN FRANCISCO, CA 94133		   X     See remarks

Signatures

VALUEACT HOLDINGS, L.P., By: VALUEACT HOLDINGS GP, LLC, its General Partner, By:/s/ George F. Hamel. Jr., Chief Operating Officer 09/30/2010
**Signature of Reporting Person Date
VALUEACT CAPITAL MASTER FUND, L.P., By: VA PARTNERS I, LLC, its General Partner, By:/s/ George F. Hamel. Jr., Chief Operating Officer 09/30/2010
**Signature of Reporting Person Date
VA PARTNERS I, LLC, By:/s/ George F. Hamel. Jr., Chief Operating Officer 09/30/2010
**Signature of Reporting Person Date
VALUEACT CAPITAL MANAGEMENT, L.P., By: VALUEACT CAPITAL MANAGEMENT, LLC, its General Partner, By:/s/ George F. Hamel. Jr., Chief Operating Officer 09/30/2010
**Signature of Reporting Person Date
VALUEACT CAPITAL MANAGEMENT, LLC, By:/s/ George F. Hamel. Jr., Chief Operating Officer 09/30/2010
**Signature of Reporting Person Date
VALUEACT HOLDINGS GP, LLC, By:/s/ George F. Hamel. Jr., Chief Operating Officer 09/30/2010
**Signature of Reporting Person Date

Explanation of Responses:

No securities are beneficially owned

* If the form is filed by more than one reporting person, see Instruction 5(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).
 
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 reporting 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.

-G. Mason Morfit, a member of the management board of ValueAct Holdings GP, LLC, serves on the board of directors of the Issuer. As a result, the reporting persons herein may be deemed directors by deputization.

Joint Filer Information:

Name: ValueAct Capital Master Fund, L.P.
Address: 435 Pacific Ave, 4th Floor, San Francisco, CA 94133
Designated Filer: ValueAct Holdings, L.P.
Issuer & Ticker: Valeant Pharmaceuticals International, Inc. (VRX)
Date of Event Requiring Statement: 9/28/10

Name: VA Partners I, LLC
Address: 435 Pacific Ave, 4th Floor, San Francisco, CA 94133
Designated Filer: ValueAct Holdings, L.P.
Issuer & Ticker: Valeant Pharmaceuticals International, Inc. (VRX)
Date of Event Requiring Statement: 9/28/10

Name: ValueAct Capital Management, L.P.
Address: 435 Pacific Ave, 4th Floor, San Francisco, CA 94133
Designated Filer: ValueAct Holdings, L.P.
Issuer & Ticker: Valeant Pharmaceuticals International, Inc. (VRX)
Date of Event Requiring Statement: 9/28/10

Name: ValueAct Capital Management, LLC
Address: 435 Pacific Ave, 4th Floor, San Francisco, CA 94133
Designated Filer: ValueAct Holdings, L.P.
Issuer & Ticker: Valeant Pharmaceuticals International, Inc. (VRX)
Date of Event Requiring Statement: 9/28/10

Name: ValueAct Holdings GP, LLC
Address: 435 Pacific Ave, 4th Floor, San Francisco, CA 94133
Designated Filer: ValueAct Holdings, L.P.
Issuer & Ticker: Valeant Pharmaceuticals International, Inc. (VRX)
Date of Event Requiring Statement: 9/28/10

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