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
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Pershing Square Capital Management, L.P.
2. Issuer Name and Ticker or Trading Symbol

Valeant Pharmaceuticals International, Inc. [ VRX ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

888 SEVENTH AVENUE, 42ND FLOOR
3. Date of Earliest Transaction (MM/DD/YYYY)

6/9/2016
(Street)

NEW YORK, NY 10019
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 7. Title and Amount of Securities Underlying Derivative Security
(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
Put Option (call equivalent position)   $60.00   6/9/2016     P   (7)       9120000   (7)   1/20/2017   (7) 1/20/2017   Common Stock   9120000   $35.80   (7) 0   (7) I   See footnotes   (1) (2) (3) (4) (5)
Call Option (call equivalent position)   $95.00   6/9/2016     S   (7)       9120000   (7)     (6) (7) 1/20/2017   Common Stock   9120000   $0.03   (7) 0   (7) I   See footnotes   (1) (2) (3) (4) (5)
Call Option (call equivalent position)   $60.00   6/9/2016     P   (7)    91200   (7)        (6) (7) 1/18/2019   Common Stock   9120000   $4.00   (7) 91200   (7) I   See footnotes   (1) (2) (3) (4) (5)
Put Option (call equivalent position)   $60.00   6/9/2016     S   (7)    9120000   (7)      1/18/2019   (7) 1/18/2019   Common Stock   9120000   $37.089   (7) 9120000   (7) I   See footnotes   (1) (2) (3) (4) (5)

Explanation of Responses:
( 1)  In addition to Pershing Square Capital Management, L.P., a Delaware limited partnership ("Pershing Square"), this Form 4 is being filed jointly by PS Management GP, LLC, a Delaware limited liability company ("PS Management"), and William A. Ackman, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Pershing Square and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities").
( 2)  Pershing Square advises the accounts of Pershing Square, L.P., a Delaware limited partnership ("PS"), Pershing Square II, L.P., a Delaware limited partnership ("PS II"), Pershing Square International, Ltd., a Cayman Islands exempted company ("PS International"), and Pershing Square Holdings, Ltd., a limited liability company incorporated in Guernsey ("PSH" and together with PS, PS II and PS International, the "Pershing Square Funds").
( 3)  Pershing Square, as the investment adviser to the Pershing Square Funds, may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934. As the general partner of Pershing Square, PS Management may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). By virtue of William A. Ackman's position as Chief Executive Officer of Pershing Square and managing member of PS Management, William A. Ackman may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein.
( 4)  William A. Ackman and Stephen Fraidin, each a member of the board of directors of the Issuer, were elected to the board as representatives of the Reporting Persons, the Pershing Square Funds and Pershing Square GP, LLC. As a result, each of those persons are directors by deputization for purposes of Section 16 of the Securities Exchange Act of 1934.
( 5)  The options set forth on Table II do not give any of the Pershing Square Funds or the Reporting Persons direct or indirect voting, investment or dispositive control over any securities of the issuer and do not require the counterparties thereto to acquire, hold, vote or dispose of any securities of the issuer.
( 6)  These American-Style call options are exercisable any day up to and including the expiration date.
( 7)  The Reporting Persons (i) unwound over-the-counter European-style put options referencing a total of 9,120,000 shares of the Issuer's common stock and over-the-counter American-style call options referencing a total of 9,120,000 shares of the Issuer's common stock, (ii) acquired listed American-style call options referencing a total of 9,120,000 shares of the Issuer's common stock, and (iii) wrote over-the-counter European-style put options referencing a total of 9,120,000 shares of the Issuer's common stock. There were no changes in the number of Subject Securities beneficially owned by the Pershing Square Funds as a result of such transactions.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Pershing Square Capital Management, L.P.
888 SEVENTH AVENUE
42ND FLOOR
NEW YORK, NY 10019
X


PS Management GP, LLC
888 SEVENTH AVENUE
42ND FLOOR
NEW YORK, NY 10019
X


ACKMAN WILLIAM A
888 SEVENTH AVENUE
42ND FLOOR
NEW YORK, NY 10019
X



Signatures
Pershing Square Capital Management, L.P., By: PS Management GP, LLC, its General Partner, By: /s/ William A Ackman, Managing Member 6/13/2016
** Signature of Reporting Person Date

PS Management GP, LLC, By: /s/ William A Ackman, Managing Member 6/13/2016
** Signature of Reporting Person Date

/s/ William A. Ackman 6/13/2016
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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