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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1. Name and Address of Reporting Person * HealthCor Management, L.P.   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) (Last) (First) (Middle) CARNEGIE HALL TOWER, 152 WEST 57TH STREET, 47TH FLOOR 3. Date of Earliest Transaction (Month/Day/Year) 09/19/2008 (Street) NEW YORK, NY 10019 4. If Amendment, Date 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 (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, par value $0.01 per share 09/19/2008   X   500,000 A $ 20 9,000,000 I See Footnote (1)

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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

Call Option (Right to Buy)

$ 20

09/19/2008

X

5,000

07/24/2008

09/19/2008

Common Stock

500,000

$ 20

0

I

See Footnote (1)

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
HealthCor Management, L.P. CARNEGIE HALL TOWER 152 WEST 57TH STREET, 47TH FLOOR NEW YORK, NY 10019		X
HealthCor Associates, LLC CARNEGIE HALL TOWER 152 WEST 57TH STREET, 47TH FLOOR NEW YORK, NY 10019		X
HealthCor Offshore, Ltd. CARNEGIE HALL TOWER 152 WEST 57TH STREET, 47TH FLOOR NEW YORK, NY 10019		X
HealthCor Hybrid Offshore CARNEGIE HALL TOWER 152 WEST 57TH STREET, 47TH FLOOR NEW YORK, NY 10019		X
HealthCor Group, LLC CARNEGIE HALL TOWER 152 WEST 57TH STREET, 47TH FLOOR NEW YORK, NY 10019		X
HealthCor Capital, L.P. CARNEGIE HALL TOWER 152 WEST 57TH STREET, 47TH FLOOR NEW YORK, NY 10019		X
HEALTHCOR L P CARNEGIE HALL TOWER 152 WEST 57TH STREET, 47TH FLOOR NEW YORK, NY 10019		X
Healey Joseph Patrick CARNEGIE HALL TOWER 152 WEST 57TH STREET, 47TH FLOOR NEW YORK, NY 10019		X
Cohen Arthur Bruce CARNEGIE HALL TOWER 152 WEST 57TH STREET, 47TH FLOOR NEW YORK, NY 10019		X

Signatures

HEALTHCOR MANAGEMENT, L.P., for itself and as manager on behalf of (i) HEALTHCOR OFFSHORE, LTD. and (ii) HEALTHCOR HYBRID OFFSHORE, LTD., By: HealthCor Associates, LLC, its general partner, By: /s/ Steven J. Musumeci, Chief Operating Officer		09/25/2008
**Signature of Reporting Person		Date
HEALTHCOR CAPITAL L.P., for itself and as general partner on behalf of HEALTHCOR L.P., By: HealthCor Group, LLC, its general partner, By: /s/ Steven J. Musumeci, Chief Operating Officer		09/25/2008
**Signature of Reporting Person		Date
HEALTHCOR ASSOCIATES, LLC, By: /s/ Steven J. Musumeci, Chief Operating Officer		09/25/2008
**Signature of Reporting Person		Date
HEALTHCOR GROUP, LLC, By: /s/ Steven J. Musumeci, Chief Operating Officer		09/25/2008
**Signature of Reporting Person		Date
/s/ Joseph Healey, Individually		09/25/2008
**Signature of Reporting Person		Date
/s/ Arthur Cohen, Individually		09/25/2008
**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)	HealthCor Management, L.P. is the investment manager of HealthCor, L.P., HealthCor Offshore, Ltd. and HealthCor Hybrid Offshore, Ltd. which are the direct beneficial owners of the non-derivative securities listed on Table 1. 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. 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. Each of the Reporting Persons disclaim beneficial ownership of any and all such securities in excess of its or their own actual pecuniary interest.

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