The biosynthesis of the cyclic decapeptide antibiotic, tyrocidine, was analyzed in particle-free supernatant fractions of RNase-treated homogenates of Bacillus brevis ATCC 8185. From the extracts, three complementary fractions with molecular weights of (1) 100 000, (2) 230 000, and (3) 440 000 were obtained. (1) activates and racemizes the initiating phenylalanine, (2) activates the three following amino acids, and (3) activates the last six amino acids by primary reaction with ATP to AMP-amino acid and secondary transfer to an enzyme-bound -SH. The enzymes alone fix amino acids but do not polymerize. The mixture, on sequential addition of amino acids + ATP, polymerizes first to enzyme-bound polypeptides, which after addition of all ten amino acids, cyclize. The enzymes (2) and (3) each contain one mole of 4'-phosphopantetheine which appears to act in transpeptidation. By mild autolysis and dodecyl sulphate gel electrophoresis, the polyenzymes may be split to subunits of 70 000 molecular weight, retaining only amino acid activation. In recent attempts to analyze the biosynthesis of the thyrotropic release hormone, a tripeptide made in the hypothalamus, we have met with great difficulties due to the presence of potent peptidases in brain preparations.