---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 20-F

[   ] Registration statement pursuant to Section 12(b)
or 12(g) of the Securities Exchange Act of 1934

OR

[X] Annual report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

For the fiscal year ended September 30, 2012

OR

[   ] Transition report pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934 OR

[   ] Shell company report pursuant to Section 13 or
15 (d) of the Securities Exchange Act of 1934

Date of event requiring this shell company report_____________

Commission file number 000-30082

MERUS LABS INTERNATIONAL
INC.(Exact name of Registrant as specified in its
charter) (Translation of Registrants name into English)

British Columbia, Canada(Jurisdiction
of incorporation or organization)

30 St. Patrick St., Ste. 301, Toronto, Ontario, Canada M5T 3A3(Address of principal executive offices)

Andrew Patient, Tel. 416-593-3725 Fax
416-593-4434,30 St. Patrick St., Ste. 301, Toronto, Ontario, Canada M5T 3A3(Name, Telephone, Email and/or Facsimile
number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section
12(b) of the Act: None

Securities registered or to be registered pursuant to
  Section 12(g) of the Act:

COMMON SHARES(Title of Class)

The Nasdaq Capital Market(Name of
each exchange on which registered)

---

Securities for which there is a reporting obligation pursuant
to Section 15(d) of the Act.

NONE(Title of Class)

Indicate the number of outstanding shares of each of the
issuers classes of capital or common stock as of the close of the period
covered by the annual report: As at September 30, 2012, there were
30,708,478 common sharesoutstanding.

Indicate by check mark if the Registrant is a well-known
seasoned issuer, as defined in Rule 405 of the Securities Act. [  
] YES     [X] NO

If this report is an annual or transition report, indicate by
check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. [X]
YES     [   ] NO

Note  Checking the box above will not relieve any registrant
required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. [X] YES    
[   ] NO

Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted (Not applicable) pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months
(or for such shorter period that the registrant was required to submit and post
such files). [   ] YES     [   ] NO

Indicate by check mark whether the Registrant is a large
accelerated filer, an accelerated filer, or a non accelerated filer:

Large accelerated filer [   ]
    Accelerated filer [   ]
    Non-accelerated filer [X]


Indicate by check mark which basis of accounting the registrant
has used to prepare the financial statements included in this filing:

|U.S. GAAP [   ] | International Financial Reporting
      Standards as issued by the International | Other [   ]
|--------------- | -------------------------------------------------------------------------------- | -----------
|                | Accounting Standards Board [X]                                                   |            

If Other has been checked in response to the previous
question, indicate by check mark which financial statement item the registrant
has elected to follow. [   ] Item 17    
[   ] Item 18

If this is an annual report, indicate by check mark whether the
registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).  [   ] YES     [X] NO

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Sections 12, 13 or 15(d) of the
Securities Exchange Act of 1934 subsequent to the distribution of securities
under a plan confirmed by a court. [   ] YES   
 [   ] NO

2

---

EXPLANATORY NOTE

This Amendment No. 1 to the Annual Report on Form 20-F, which
was originally filed with the Securities and Exchange Commission on January 2,
2013 (the "Form 20-F"), is being filed solely to replace Exhibit 4.4 and Exhibit
4.5 to the Form 20-F. Other than as expressly set forth in this Explanatory
Note, this Amendment No. 1 does not amend or modify any other items in the Form
20-F or any of the exhibits included as part of the Form 20-F.

---

EXHIBIT INDEX

Exhibit No.
    Description1.1
    Articles dated December 19, 2011(Incorporated by
      reference to our Report of Foreign Private Issuer on Form 6-K filed on
      December 21, 2011)1.2
    Notice of Articles of Merus Labs International Inc. dated
      October 1, 2012 (Incorporated by reference to our Annual Report on Form
      20-F filed on January 2, 2013)1.3
    Certificate of Amalgamation dated October 1, 2012
      (Incorporated by reference to our Annual Report on Form 20-F filed on
      January 2, 2013)4.1
    An Exclusive License and Distribution Agreement between
      Merus Labs and Innocoll Pharmaceuticals Limited dated September 17, 2010.
      (Incorporated by reference to our Report by Foreign Private Issuer on Form
      6-K filed on April 16, 2012)4.2
    An Asset Purchase Agreement between Merus Labs and Iroko
      International LP dated May 13, 2011. (Incorporated by reference to our
    Report by Foreign Private Issuer on Form 6-K filed on April 16, 2012)4.3
    An Arrangement Agreement between Old Merus and Envoy
      dated November 10, 2011. (Incorporated by reference to our Report by
      Foreign Private Issuer on Form 6-K filed on April 16, 2012)4.4*
    Asset Purchase Agreement between Novartis Pharma AG and
      Merus Labs Luxco SARL dated July 11, 2012 (portions of the exhibit has
    been omitted pursuant to a request for confidential treatment)4.5*
    Credit Agreement among Merus Labs International Inc.,
      Merus Labs Luxco S.A R.L., Merus Labs Inc., ECG Holdings Inc., Merus Labs
      Netherlands B.V. and PDL BioPharma, Inc. dated July 10, 2012 (portions of
      the exhibit has been omitted pursuant to a request for confidential
      treatment)8.1
    Subsidiaries (contained in Item 4.C hereof)11.1
    Code of Business Conduct (Incorporated by reference to
      our Annual Report on Form 20-F, filed on December 29, 2005).11.2
    Complaint Procedures for Accounting and Auditing Matters
      (Incorporated by reference to our Annual Report on Form 20-F, filed on
      December 29, 2005).11.3
    Board Mandate (Incorporated by reference to our Annual
      Report on Form 20-F, filed on December 29, 2005).12.1
    Certification of Chief Executive Officer Pursuant to
      Section 302 of the Sarbanes-Oxley Act of 200212.2
    Certification of Chief Financial Officer Pursuant to
      Section 302 of the Sarbanes-Oxley Act of 200213.1
    Certifications of Chief Executive Officer Pursuant to
      Section 906 of the Sarbanes-Oxley Act of 200213.2
    Certifications of Chief Financial Officer Pursuant to
      Section 906 of the Sarbanes-Oxley Act of 200215.1
    Audit Committee Charter (Incorporated by reference to our
      Annual Report on Form 20-F, filed on December 29, 2005).15.2
    Compensation Committee Charter (Incorporated by reference
      to our Annual Report on Form 20-F, filed on December 29, 2005).15.3
    Nominating and Corporate Governance Committee Charter
      (Incorporated by reference to our Annual Report on Form 20-F, filed on
      December 29, 2005).16.1
    Letter dated February 27, 2012 from Saturna Group
      Chartered Accountants LLP has re change in certifying accountant.
      (Incorporated by reference to our Report by Foreign Private Issuer on Form
      6-K filed on April 20, 2012)16.2
    Letter dated April 3, 2012 from PricewaterhouseCoopers
      LLP re change in certifying accountant. (Incorporated by reference to our
    Report by Foreign Private Issuer on Form 6-K filed on April 20, 2012)


*Attached herewith

4

---

SIGNATURES

The registrant hereby certifies that it meets all of the
requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this Annual Report on its behalf.

|                   | MERUS LABS INTERNATIONAL INC.        
|------------------ | -------------------------------------
|                   |                                      
|Date: May 30, 2012 | /s/ Andrew Patient                   
|                   |                                      
|                   | Name:      Andrew Patient            
|                   | Title:        Chief Financial Officer

5

---