VRX Bausch Health Cos

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13D

This Amendment No. 8 to Schedule 13D (this “ Amendment No. 8 ”) amends and supplements the statement on Schedule 13D (the “ Original Schedule 13D ”), filed on March 25, 2015 (the Original Schedule 13D, as amended and supplemented through the date of this Amendment No. 8, the “ Schedule 13D ”), by Pershing Square Capital Management, L.P., a Delaware limited partnership (“ Pershing Square ”); PS Management GP, LLC, a Delaware limited liability company (“ PS Management ”); and William A. Ackman, a citizen of the United States of America (together with Pershing Square and PS Management, the “ Reporting Persons ”), relating to the common stock, no par value (the “ Common Stock ”), of Valeant Pharmaceuticals International, Inc., a corporation continued under the laws of British Columbia, Canada (the “ Issuer ”). Capitalized terms used but not defined in this amendment shall have the meanings set forth in the Schedule 13D.

Except as specifically amended by this Amendment No. 8, the Schedule 13D is unchanged.

The Reporting Persons’ beneficial ownership of Common Stock remains unchanged as a result of the transactions described herein.

Item 3 of the Schedule 13D is hereby amended and supplemented to add the following information:

The Reporting Persons, for the accounts of the Pershing Square Funds, (i) unwound over-the-counter European-style put options referencing a total of 9,120,000 shares of Common Stock and over-the-counter American-style call options referencing a total of 9,120,000 shares of Common Stock, (ii) acquired listed American-style call options referencing a total of 9,120,000 shares of Common Stock, and (iii) wrote over-the-counter European-style put options referencing a total of 9,120,000 shares of Common Stock, for aggregate net consideration of $24,454,404.

Item 5 of the Schedule 13D is hereby amended and supplemented to add the following information:

(a), (b) The Reporting Persons beneficially own an aggregate of 30,711,122 shares of Common Stock (the “ Subject Shares ”), which number includes: 21,591,122 shares of Common Stock, and 9,120,000 shares of Common Stock underlying listed American-style call options. The Subject Shares beneficially owned by the Reporting Persons represent approximately 9.0% of the shares of Common Stock issued and outstanding (based upon 343,030,281 shares of Common Stock stated to be outstanding as of June 2, 2016 by the Issuer in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on June 7, 2016).

(c) Exhibit 99.12, which is incorporated by reference into this Item 5 as if restated in full, describes all of the transactions in the Common Stock (or options relating to Common Stock) that were effected in the past 60 days by the Reporting Persons for the benefit of the Pershing Square Funds. Except as set forth in Exhibit 99.12 attached hereto, no reportable transactions were effected by any Reporting Person within the last 60 days.

Item 6 of the Schedule 13D is hereby amended and supplemented to add the following information:

The Reporting Persons unwound over-the-counter European-style put options referencing a total of 9,120,000 shares of Common Stock and over-the-counter American-style call options referencing a total of 9,120,000 shares of Common Stock, each put and call having an expiration date of January 20, 2017.

The Reporting Persons acquired American-style listed call options referencing a total of 9,120,000 shares of Common Stock with an expiration date of January 18, 2019. In addition, the Reporting Persons wrote over-the-counter European-style put options referencing a total of 9,120,000 shares of Common Stock with an expiration date of January 18, 2019. The counterparty to such over-the-counter put options is Nomura Global Financial Products Inc.

The foregoing summary of the over-the-counter options is qualified in its entirety by reference to the actual language of such contracts, the form of which is filed as Exhibit 99.6 which is hereby incorporated by reference into this Item 6 as if restated in full herein.

None of the options gives the Reporting Persons direct or indirect voting, investment or dispositive control over any securities of the Issuer or requires the counterparty thereto to acquire, hold, vote or dispose of any securities of the Issuer.

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Item 7 of Schedule 13D is hereby amended and supplemented to add the following exhibit:

Exhibit 99.12     Trading data.

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SIGNATURES

After reasonable inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certify that the information set forth in this statement is true, complete and correct.

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