RIGEL PHARMACEUTICALS INC — Director's Dealing 2009

Jan 7, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RIGEL PHARMACEUTICALS INC (RIGL)
CIK: 0001034842
Period of Report: 2009-01-02

Reporting Person: PAYAN DONALD G (Director, EVP, Pres. Discovery&Research)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-01-02	Common Stock	M	3334	$1.80	Acquired	118334	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-01-02	Stock Option (Right to Buy)	$1.80	M	3334	Disposed	2009-02-12	Common Stock (3334)	Direct

Footnotes

F1: The shares exercised by the reporting person were issued in reporting person's name but were deposited into his joint tenancy account.

F2: The option was exercised at this time due to the impending expiration of the option grant.

F3: Fully vested.