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The covalent attachment of polyethylene glycol (PEG) polymer chains to a peptide or protein molecule. PEGylation increases the hydrodynamic size of the molecule, reducing renal clearance and protecting against enzymatic degradation. This modification can dramatically extend the half-life of a peptide from minutes to hours or even days. PEGylated peptides represent an important advancement in peptide engineering, with several PEGylated compounds currently in various stages of clinical research.