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  <TITLE> Valera Pharmaceuticals, Inc. (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	July 5, 2006
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  	Valera Pharmaceuticals, Inc.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Delaware
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  	000-51768
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  	13-4119931
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	7 Clarke Drive, Cranbury, New Jersey
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  	08512
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
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  	Registrant&#146;s telephone number, including area code:
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  	(609) 235-3000
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
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  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 1.01 Entry into a Material Definitive Agreement.
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     On July 5, 2006, Valera Pharmaceuticals, Inc. (the "Company") entered into an Amended and Restated Executive Employment Agreement (the "Employee Agreement") with David S. Tierney, M.D., the Company's President and Chief Executive Officer.  Under the Employee Agreement, Dr. Tierney will continue to serve as the President and Chief Executive Officer of the Company for the period commencing on July 5, 2006 through July 5, 2009, afterwhich the Employee Agreement shall automatically renew for additional one-year periods, unless sooner terminated.  In addition, and for no additional consideration, Dr. Tierney will serve as a member of the Company's Board of Directors to the extent elected by the shareholders of the Company and consistent with the by-laws of the Company as they may be amended from time-to-time.<br><br>   Dr. Tierney will be paid an annual base salary of $350,000 and will be eligible to participate in any annual bonus program established by the Company's Board of Directors and benefit plans and programs that are generally available to other employees of the Company.  The Company's Board of Directors (excluding Dr. Tierney if he is a Director) will review the performance of Dr. Tierney annually and make appropriate adjustments to Dr. Tierney's base salary. The Employee Agreement provides that Dr. Tierney's employment may be terminated by the Company with or without cause and by Dr. Tierney with or without good reason.<br><br>   In the event Dr. Tierney's employment is terminated as a result of his death or permanent disability, Dr. Tierney and/or his spouse or dependents, as applicable, will receive 24 months in the case of death and 29 months in the case of permanent disability, of healthcare and dental insurance continuation at the Company's expense.<br><br>   In the event Dr. Tierney's employment is terminated by the Company without cause or by him for good reason, Dr. Tierney will receive any earned and accrued but unpaid annual bonus and the continuation of his then current base salary until the last day of the 12-month period following the date of such termination; provided that if such termination occurs within 30 days prior to, or one year following, a change in control, Dr. Tierney will continue to receive his then current base salary for the 24-month period following the date of such termination and will receive a bonus equal to two times the highest annual bonus received by him during the three most recently completed fiscal years of the Company.<br><br>   In connection with the Employee Agreement, Dr. Tierney also entered into an employee confidentiality and non-competition agreement with the Company, which is attached to the Employee Agreement as Exhibit A thereto, setting forth his obligation not to compete with or disclose any confidential Company information.   <br><br>   The description of the Employee Agreement is qualified by reference to the complete Employee Agreement attached to this Report on Form 8-K as Exhibit 10.1 and which is incorporated herein by reference.<br><br>
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	Valera Pharmaceuticals, Inc.
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  	&nbsp;&nbsp;
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  <I>
  	July 10, 2006
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  <I>
  	/s/ Andrew T. Drechsler
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  <I>
  	Name: Andrew T. Drechsler
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  	Title: Chief Financial Officer
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	Description
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  	10.1
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  	&nbsp;
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  Amended and Restated Executive Employment Agreement by and between Valera Pharmaceuticals, Inc. and David S. Tierney, M.D. dated July 5, 2006
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_13594.htm", "description": "LIVE FILING", "secsgml_size_bytes": 12610}]
metadata_filer: {"company-data": {"conformed-name": "Valera Pharmaceuticals Inc", "cik": "0001305409", "assigned-sic": "2834", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51768", "film-number": "06954118"}, "business-address": {"street1": "8 CLARKE DR", "city": "CRANBURY", "state": "NJ", "zip": "08512", "phone": "609-409-9010"}, "mail-address": {"street1": "8 CLARKE DR", "city": "CRANBURY", "state": "NJ", "zip": "08512"}}
text: Valera Pharmaceuticals, Inc. (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  July 5, 2006
  Valera Pharmaceuticals, Inc.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Delaware
  000-51768
  13-4119931
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  7 Clarke Drive, Cranbury, New Jersey
  08512
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  (609) 235-3000
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  On July 5, 2006, Valera Pharmaceuticals, Inc. (the "Company") entered into an Amended and Restated Executive Employment Agreement (the "Employee Agreement") with David S. Tierney, M.D., the Company's President and Chief Executive Officer.  Under the Employee Agreement, Dr. Tierney will continue to serve as the President and Chief Executive Officer of the Company for the period commencing on July 5, 2006 through July 5, 2009, afterwhich the Employee Agreement shall automatically renew for additional one-year periods, unless sooner terminated.  In addition, and for no additional consideration, Dr. Tierney will serve as a member of the Company's Board of Directors to the extent elected by the shareholders of the Company and consistent with the by-laws of the Company as they may be amended from time-to-time.
  Dr. Tierney will be paid an annual base salary of $350,000 and will be eligible to participate in any annual bonus program established by the Company's Board of Directors and benefit plans and programs that are generally available to other employees of the Company.  The Company's Board of Directors (excluding Dr. Tierney if he is a Director) will review the performance of Dr. Tierney annually and make appropriate adjustments to Dr. Tierney's base salary. The Employee Agreement provides that Dr. Tierney's employment may be terminated by the Company with or without cause and by Dr. Tierney with or without good reason.
  In the event Dr. Tierney's employment is terminated as a result of his death or permanent disability, Dr. Tierney and/or his spouse or dependents, as applicable, will receive 24 months in the case of death and 29 months in the case of permanent disability, of healthcare and dental insurance continuation at the Company's expense.
  In the event Dr. Tierney's employment is terminated by the Company without cause or by him for good reason, Dr. Tierney will receive any earned and accrued but unpaid annual bonus and the continuation of his then current base salary until the last day of the 12-month period following the date of such termination; provided that if such termination occurs within 30 days prior to, or one year following, a change in control, Dr. Tierney will continue to receive his then current base salary for the 24-month period following the date of such termination and will receive a bonus equal to two times the highest annual bonus received by him during the three most recently completed fiscal years of the Company.
  In connection with the Employee Agreement, Dr. Tierney also entered into an employee confidentiality and non-competition agreement with the Company, which is attached to the Employee Agreement as Exhibit A thereto, setting forth his obligation not to compete with or disclose any confidential Company information.
  The description of the Employee Agreement is qualified by reference to the complete Employee Agreement attached to this Report on Form 8-K as Exhibit 10.1 and which is incorporated herein by reference.
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  Valera Pharmaceuticals, Inc.
  July 10, 2006
  By:
  /s/ Andrew T. Drechsler
  Name: Andrew T. Drechsler
  Title: Chief Financial Officer
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  10.1
  Amended and Restated Executive Employment Agreement by and between Valera Pharmaceuticals, Inc. and David S. Tierney, M.D. dated July 5, 2006