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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001209191-04-017095.txt : 20040323
<SEC-HEADER>0001209191-04-017095.hdr.sgml : 20040323
<ACCEPTANCE-DATETIME>20040323162646
ACCESSION NUMBER:		0001209191-04-017095
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040319
FILED AS OF DATE:		20040323

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HENNER DENNIS
		CENTRAL INDEX KEY:			0001249153

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29889
		FILM NUMBER:		04685264

	MAIL ADDRESS:	
		STREET 1:		601 GATEWAY BLVD
		STREET 2:		STE 350
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94080

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RIGEL PHARMACEUTICALS INC
		CENTRAL INDEX KEY:			0001034842
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				943248524
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1180 VETERANS BOULEVARD
		CITY:			SOUTH SAN FRANCISCO
		STATE:			CA
		ZIP:			94080

	MAIL ADDRESS:	
		STREET 1:		1180 VETERANS BOULEVARD
		CITY:			SOUTH SAN FRANCISCO
		STATE:			CA
		ZIP:			94080
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bsf97274_bsf4dh.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-03-19</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001034842</issuerCik>
        <issuerName>RIGEL PHARMACEUTICALS INC</issuerName>
        <issuerTradingSymbol>RIGL</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001249153</rptOwnerCik>
            <rptOwnerName>HENNER DENNIS</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O MPM ASSET MANAGEMENT</rptOwnerStreet1>
            <rptOwnerStreet2>111 HUNTINGTON AVENUE, 31ST FLOOR</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02199</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-03-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>17334</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>20.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4150571</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The shares were sold as follows:  970 by MPM BioVentures III, L.P. (&quot;BVIII&quot;); 14,429 by MPM BioVentures III-QP, L.P. (&quot;BVIII QP&quot;); 1,219 by MPM BioVentures III GmbH &amp; Co. Beteiligungs KG (&quot;BVIII KG&quot;); 436 by MPM Bioventures III Parallel Fund, L.P. (&quot;BVIII PF&quot;); and 280 by MPM Asset Management Investors 2003 BVIII LLC (&quot;BVAM LLC&quot;).  MPM BioVentures III GP, L.P. (&quot;BVIII GP&quot;) and MPM BioVentures III LLC (&quot;BVIII LLC&quot;) are the direct and indirect partners of BVIII, BVIII QP, BVIII PF and BVIII KG.</footnote>
        <footnote id="F2">The shares are held as follows:  232,307 by BVIII; 3,455,030 by BVIII QP; 291,994 by BVIII KG; 104,346 by BVIII PF; and 66,894 by BVAM LLC.  The Reporting Person is a member of BVIII LLC and BVAM LLC.  The Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Dennis Henner</signatureName>
        <signatureDate>2004-03-23</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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