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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