Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN 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 *
Chai-Onn Robert Roswell
  2. Issuer Name and Ticker or Trading Symbol
Valeant Pharmaceuticals International, Inc. [VRX]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
EVP, GC & Corp. Sec.
(Last)
(First)
(Middle)
7150 MISSISSAUGA ROAD
3. Date of Earliest Transaction (Month/Day/Year)
09/28/2010
(Street)

MISSISSAUGA, A6 L5N 8M5
4. If Amendment, Date 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
(City)
(State)
(Zip)
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, no par value 09/28/2010   A   74,543 (1) A $ 0 74,543 D  
Common Stock, no par value 09/28/2010   A   18,511 (2) A $ 0 93,054 D  

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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 Underlying Securities
(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 of Derivative Security: 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
Incentive Stock Options (right to purchase) $ 6.7 09/28/2010   A   59,681 (3)     (4) 08/09/2014 Common Stock, no par value 59,681 $ 6.7 59,681 D  
Non-Qualified Stock Options (right to purchase) $ 6.7 09/28/2010   A   24,250 (5)     (6) 08/09/2014 Common Stock, no par value 24,250 $ 6.7 24,250 D  
Non-Qualified Stock Options (right to purchase) $ 6.33 09/28/2010   A   41,966 (5)     (7) 11/01/2015 Common Stock, no par value 41,966 $ 6.33 41,966 D  
Non-Qualified Stock Options (right to purchase) $ 6.68 09/28/2010   A   44,764 (5)     (8) 10/31/2016 Common Stock, no par value 44,764 $ 6.68 44,764 D  
Non-Qualified Stock Options (right to purchase) $ 5.29 09/28/2010   A   13,988 (5)     (9) 10/30/2017 Common Stock, no par value 13,988 $ 5.29 13,988 D  
Non-Qualified Stock Options (right to purchase) $ 13.75 09/28/2010   A   62,636 (5)     (10) 03/03/2017 Common Stock, no par value 62,636 $ 13.75 62,636 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Chai-Onn Robert Roswell
7150 MISSISSAUGA ROAD
MISSISSAUGA, A6 L5N 8M5
      EVP, GC & Corp. Sec.  

Signatures

 By: Angie Palmer For:Robert Chai-Onn   10/01/2010
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Represents long-term performance units (the "Performance Units") received upon conversion of the reporting person's Valeant Pharmaceuticals International, Inc. ("old Valeant") Performance Units that were held prior to the merger between the issuer (formerly known as Biovail Corporation) and old Valeant (the "Merger"), in accordance with the terms of the Merger agreement between the issuer and, amongst others, old Valeant. The Performance Units can be settled only in common shares of the issuer. The fair market value of old Valeant on the day prior to the effective date of the Merger was $63.25 per share.
(2) Represents restricted share units received upon conversion of the reporting person's old Valeant restricted stock units that were held prior to the Merger. The restricted share units can be settled only in common shares of the issuer. The fair market value on the day prior to the effective date of the Merger was $63.25 per share.
(3) Received upon conversion of the reporting person's old Valeant incentive stock options that were held prior to the Merger.
(4) The stock options were initially granted on August 9, 2004 and vest in four equal annual installments.
(5) Received upon conversion of the reporting person's old Valeant non-qualified stock options that were held prior to the Merger.
(6) The stock options were initially granted on August 9, 2004 and vest in four equal annual installments.
(7) The stock options were initially granted on November 5, 2005 and vest in four equal annual installments.
(8) The stock options were initially granted on October 31, 2006 and vest in four equal annual installments.
(9) The stock options were initially granted on October 30, 2007 and vest in four equal annual installments.
(10) The stock options were initially granted on March 3, 2010 and vest in four equal annual installments.

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