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Rigel Announces Pricing of Public Offering of Common Stock
Date:5/26/2011

SOUTH SAN FRANCISCO, Calif., May 26, 2011 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL), today announced the pricing of its previously announced underwritten public offering of 16,300,000 shares of its common stock, offered at a price of $8.00 per share to the public. The gross proceeds to Rigel from this offering are expected to be approximately $130,400,000, before deducting underwriting discounts and commissions, and other estimated offering expenses payable by Rigel.  All of the shares in the offering are to be sold by Rigel. The offering is expected to close on or about June 1, 2011, subject to the satisfaction of customary closing conditions. Rigel has granted the underwriters a 30-day option to purchase up to an aggregate of 2,445,000 additional shares of common stock to cover overallotments, if any.

Jefferies & Company, Inc. and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering, with Piper Jaffray & Co. acting as co-manager.

A shelf registration statement on Form S-3 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange Commission (the "SEC") and is effective.  A preliminary prospectus supplement relating to the offering has been filed with the SEC and a final prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. When available, copies of the final prospectus supplement may also be obtained from the offices of Jefferies & Company, Inc., Equity Syndicate Prospectus Department, at 520 Madison Avenue, New York, NY 10022 (Telephone number 877-547-6340) or the offices of J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Telephone number 866-803-9204
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SOURCE Rigel Pharmaceuticals, Inc.
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