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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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  	May 23, 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>
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  _____________<BR>
  	(Commission
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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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  	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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  1. Board Compensation Program:<br><br><br>On May 23, 2006, the Company's Board of Directors (the "Board") approved a compensation plan for non-employee directors.<br><br>Effective February 2, 2006, the following compensation will be paid to each non-employee director (paid quarterly in arrears):<br><br>Annual Retainer:  Each non-employee director will receive an annual retainer of $16,000.  The Chairman of the Board will receive an annual retainer of $9,000 in addition to the non-employee director annual retainer of $16,000 for a total of $25,000 annually.  The Chairman of the Audit Committee will receive an annual retainer of $7,500 in addition to the non-employee director annual retainer of $16,000 for a total of $23,500 annually.  The Chairman of the Compensation Committee will receive an annual retainer of $6,000 in addition to the non-employee director annual fee of $16,000 for a total of $22,000 annually.<br><br>Board and Committee Meeting Attendance Fees:  Each non-employee director will receive compensation of $1,500 for each Board meeting attended in person and $500 for each committee meeting and $500 for each telephone meeting.<br><br>In additon to the compensation plan described above, on May 23, 2006, the Board granted options to purchase 7,500 shares of the Company's common stock; par value $0.001 per share, to each of the Company's non-employee directors.  These options were granted pursuant to the Valera Pharmaceuticals, Inc. 2002 Equity Incentive Plan, have an exercise price of $8.85 per share, and completely vest on May 23, 2007.<br><br><br>2. Change in Contol Agreement:<br><br>The Company has entered into a change in control agreement with Jeremy Middleton, Vice President Business Development.  Under the agreement, if the executive employment is terminated by the Company without cause, or by the executive following a demotion, relocation or certain other similiar reasons, within the period that is between 30 days prior to, and one year following, the date the Company consummates a "change in control" (as defined in the agreement), then the executive will be entitled to a severance payment equal to the sum of his or her annual base salary and "bonus amount."  "Bonus amount" is defined in the agreement as the executive's target annual bonus or, if after the first anniversary of the date the agreeement was entered into, the highest annual bonus received by the executive during the past three years (or such lesser number of years the executive was employed by the Company).  The agreement also provides for payment of any unpaid bonus earned with respect to the year ended prior to the date the executive's employment terminated and the waiver of any applicable COBRA premiums for the executive (and, if applicable, his or her spouse and dependents) for a period of twelve months following termination of employment.  Under the agreement, all payments to the executive in connection with a change in control are subject to reduction to the extent that the reduction would avoid the imposition of certain "golden parachute" excise taxes and thereby increase the executive's net after-tax proceeds.  Payment of benefits are conditioned upon execution by the executive of a release and the executive is subject to confidentiality and proprietary information convenants following cessation of employment.  A form of the change in control agreement is included as Exhibit 10.20 "Form of Change in Control Agreement with Executive Officers" as filed with Amendment No. 3 to the Company's Registration Statement on Form S-1 (File No. 333-123288) filed with the Securities and Exchange Commission on September 29, 2005.<br><br>3. Amended Change in Control Agreement:<br><br>The Company amended the change in control agreement with Andrew Drechsler, Chief Financial Officer.  The severance payment amount changed from an annual or 12 month base salary and bonus to a 24 month base salary and bonus.  No other terms of the agreement were changed.  A form of the change in control agreement is included as Exhibit 10.20 "Form of Change in Control Agreement with Executive Officers" as filed with Amendment No. 3 to the Company's Registration Statement on Form S-1 (File No. 333-123288) filed with the Securities and Exchange Commission on September 29, 2005.<br><br><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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  	May 30, 2006
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  	/s/ Andrew T. Drechsler
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  	Name: Andrew T. Drechsler
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  	Title: Chief Financial Officer
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_12814.htm", "description": "LIVE FILING", "secsgml_size_bytes": 12557}]
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": "06873970"}, "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):
  May 23, 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.
  1. Board Compensation Program:
  On May 23, 2006, the Company's Board of Directors (the "Board") approved a compensation plan for non-employee directors.
  Effective February 2, 2006, the following compensation will be paid to each non-employee director (paid quarterly in arrears):
  Annual Retainer:  Each non-employee director will receive an annual retainer of $16,000.  The Chairman of the Board will receive an annual retainer of $9,000 in addition to the non-employee director annual retainer of $16,000 for a total of $25,000 annually.  The Chairman of the Audit Committee will receive an annual retainer of $7,500 in addition to the non-employee director annual retainer of $16,000 for a total of $23,500 annually.  The Chairman of the Compensation Committee will receive an annual retainer of $6,000 in addition to the non-employee director annual fee of $16,000 for a total of $22,000 annually.
  Board and Committee Meeting Attendance Fees:  Each non-employee director will receive compensation of $1,500 for each Board meeting attended in person and $500 for each committee meeting and $500 for each telephone meeting.
  In additon to the compensation plan described above, on May 23, 2006, the Board granted options to purchase 7,500 shares of the Company's common stock; par value $0.001 per share, to each of the Company's non-employee directors.  These options were granted pursuant to the Valera Pharmaceuticals, Inc. 2002 Equity Incentive Plan, have an exercise price of $8.85 per share, and completely vest on May 23, 2007.
  2. Change in Contol Agreement:
  The Company has entered into a change in control agreement with Jeremy Middleton, Vice President Business Development.  Under the agreement, if the executive employment is terminated by the Company without cause, or by the executive following a demotion, relocation or certain other similiar reasons, within the period that is between 30 days prior to, and one year following, the date the Company consummates a "change in control" (as defined in the agreement), then the executive will be entitled to a severance payment equal to the sum of his or her annual base salary and "bonus amount."  "Bonus amount" is defined in the agreement as the executive's target annual bonus or, if after the first anniversary of the date the agreeement was entered into, the highest annual bonus received by the executive during the past three years (or such lesser number of years the executive was employed by the Company).  The agreement also provides for payment of any unpaid bonus earned with respect to the year ended prior to the date the executive's employment terminated and the waiver of any applicable COBRA premiums for the executive (and, if applicable, his or her spouse and dependents) for a period of twelve months following termination of employment.  Under the agreement, all payments to the executive in connection with a change in control are subject to reduction to the extent that the reduction would avoid the imposition of certain "golden parachute" excise taxes and thereby increase the executive's net after-tax proceeds.  Payment of benefits are conditioned upon execution by the executive of a release and the executive is subject to confidentiality and proprietary information convenants following cessation of employment.  A form of the change in control agreement is included as Exhibit 10.20 "Form of Change in Control Agreement with Executive Officers" as filed with Amendment No. 3 to the Company's Registration Statement on Form S-1 (File No. 333-123288) filed with the Securities and Exchange Commission on September 29, 2005.
  3. Amended Change in Control Agreement:
  The Company amended the change in control agreement with Andrew Drechsler, Chief Financial Officer.  The severance payment amount changed from an annual or 12 month base salary and bonus to a 24 month base salary and bonus.  No other terms of the agreement were changed.  A form of the change in control agreement is included as Exhibit 10.20 "Form of Change in Control Agreement with Executive Officers" as filed with Amendment No. 3 to the Company's Registration Statement on Form S-1 (File No. 333-123288) filed with the Securities and Exchange Commission on September 29, 2005.
  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.
  May 30, 2006
  By:
  /s/ Andrew T. Drechsler
  Name: Andrew T. Drechsler
  Title: Chief Financial Officer