-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 E/l6cJEPn+gDcxwc82VObfaqQB78eLs/pf5w4/uRoyTDVizLBaFXfRqj9JMOvcCU
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<SEC-DOCUMENT>0000899140-03-000963.txt : 20031113
<SEC-HEADER>0000899140-03-000963.hdr.sgml : 20031113
<ACCEPTANCE-DATETIME>20031113114421
ACCESSION NUMBER:		0000899140-03-000963
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031112
FILED AS OF DATE:		20031113

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KYPHON INC
		CENTRAL INDEX KEY:			0001123313
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				770366069
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1350 BORDEAUX DR
		CITY:			SUNNYVALE
		STATE:			CA
		ZIP:			94089
		BUSINESS PHONE:		4085486500

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WEATHERMAN ELIZABETH H
		CENTRAL INDEX KEY:			0001188681

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-49804
		FILM NUMBER:		03996492

	BUSINESS ADDRESS:	
		STREET 1:		5677 AIRLINE RD
		CITY:			ARLINGTON
		STATE:			TN
		ZIP:			38002
		BUSINESS PHONE:		9018679971

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WARBURG PINCUS & CO
		CENTRAL INDEX KEY:			0000929408
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-49804
		FILM NUMBER:		03996490

	BUSINESS ADDRESS:	
		STREET 1:		466 LEXINGTON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			100173147
		BUSINESS PHONE:		2128780600

	MAIL ADDRESS:	
		STREET 1:		466 LEXINGTON AVENUE
		STREET 2:		NEW YORK
		CITY:			NY
		STATE:			NY
		ZIP:			100173147

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WARBURG PINCUS VENTURES LP
		CENTRAL INDEX KEY:			0000942263
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-49804
		FILM NUMBER:		03996491

	BUSINESS ADDRESS:	
		STREET 1:		E M WARBURG PINCUS & CO INC
		STREET 2:		466 LEXINGTON AVE 10TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017-3147
		BUSINESS PHONE:		2128780600

	MAIL ADDRESS:	
		STREET 1:		E M WARBURG PINCUS & CO INC
		STREET 2:		466 LEXINGTON AVE 10TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017-3147

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WARBURG PINCUS LLC
		CENTRAL INDEX KEY:			0001162870
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-49804
		FILM NUMBER:		03996489

	BUSINESS ADDRESS:	
		STREET 1:		466 LEXINGTON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2128780600

	MAIL ADDRESS:	
		STREET 1:		466 LEXINGTON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wpv_kyphon4-111303ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-11-12</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001123313</issuerCik>
        <issuerName>KYPHON INC</issuerName>
        <issuerTradingSymbol>KYPH</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000942263</rptOwnerCik>
            <rptOwnerName>WARBURG PINCUS VENTURES LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>466 LEXINGTON AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000929408</rptOwnerCik>
            <rptOwnerName>WARBURG PINCUS &amp; CO</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>466 LEXINGTON AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>100173147</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001162870</rptOwnerCik>
            <rptOwnerName>WARBURG PINCUS LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>466 LEXINGTON AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001188681</rptOwnerCik>
            <rptOwnerName>WEATHERMAN ELIZABETH H</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>5677 AIRLINE RD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ARLINGTON</rptOwnerCity>
            <rptOwnerState>TN</rptOwnerState>
            <rptOwnerZipCode>38002</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-11-12</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>J</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F2"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>1584890</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
            <footnoteId id="F4"/>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>12564901</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
            <footnoteId id="F1"/>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-11-12</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>J</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F2"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>186991</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
            <footnoteId id="F4"/>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
            <footnoteId id="F3"/>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>0</value>
            <footnoteId id="F3"/>
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      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
            <footnoteId id="F1"/>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-11-12</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>J</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F2"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>186991</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
            <footnoteId id="F4"/>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
            <footnoteId id="F3"/>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>12564901</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
            <footnoteId id="F1"/>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
 </nonDerivativeTable>
   <footnotes>
      <footnote id="F1"> Please see Remarks (below).</footnote>

      <footnote id="F2"> On November 12, 2003, Ventures distributed an aggregate of 1,584,890 shares of Common Stock to its partners.</footnote>

      <footnote id="F3"> As a result of the November 12, 2003 distribution, WP received 186,991 shares of Common Stock, which in turn it distributed to its partners.</footnote>

      <footnote id="F4"> Price not applicable.</footnote>
   </footnotes>
   <remarks>Note (1)
The stockholder is Warburg Pincus Ventures,L.P.(&quot;Ventures&quot;).Ventures beneficially owns 12,564,901 shares of common
stock (&quot;Common Stock&quot;)  of Kyphon Inc.(the &quot;Issuer&quot;).
The sole general partner of Ventures is Warburg Pincus &amp;Co.,   a New York general partnership (&quot;WP&quot;).Warburg Pincus
LLC (formerly E.M.Warburg Pincus &amp;Co.,LLC), a New York limited liability company (&quot;WPLLC&quot;),manages Ventures.The
members of WPLLC  are substantially  the  same as the partners of  WP. By reason of    the provisions of  Rule  16a-1  of the Exchange
Act,WP and WPLLC may be deemed to be the beneficial owners of the Common Stock  held by Ventures, although both WP
and WPLLC disclaim beneficial ownership of the Common Stock except to the extent of any indirect pecuniary interest therein.
Ms.Weatherman, a director  of    the Issuer, is a general partner of  WP  and a member of WPLLC.As such, Ms.Weatherman
may  be deemed to have an indirect pecuniary interest (within  the meaning of Rule 16a-1 of  the Exchange  Act)  in an indeterminate
portion  of the shares beneficially owned by Ventures,WPLLC and WP.Ms.Weatherman disclaims beneficial ownership of
such shares except to the  extent of any indirect pecuniary interest therein.Ms.Weatherman does not directly own any  shares
of Common Stock of the Issuer.</remarks>
   <ownerSignature>
      <signatureName>Warburg Pincus Ventures, L.P., by Warburg Pincus &amp; Co. (General Partner), by Scott A. Arenare (Partner)</signatureName>
      <signatureDate>2003-11-13</signatureDate>
   </ownerSignature>
   <ownerSignature>
      <signatureName>Warburg Pincus &amp; Co., by Scott A. Arenare (Partner)</signatureName>
      <signatureDate>2003-11-13</signatureDate>
   </ownerSignature>
   <ownerSignature>
      <signatureName>Warburg Pincus LLC, by Scott A. Arenare (Managing Director)</signatureName>
      <signatureDate>2003-11-13</signatureDate>
   </ownerSignature>
   <ownerSignature>
      <signatureName>Elizabeth Weatherman</signatureName>
      <signatureDate>2003-11-13</signatureDate>
   </ownerSignature>
</ownershipDocument>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----