[en] A new model for the transpeptidation reaction involved in the biosynthesis of the bacterial wall peptidoglycan and for its inhibition by penicillin is proposed. This model is in open conflict with the hypotheses previously postulated. It rests upon the demonstration that 1) carboxypeptidase and transpep-tidase activities are performed by the same enzyme, 2) inhibition of both activities by penicillin is carried out in the absence of irreversible acylation of the protein, 3) the enzyme contains multiple sites some of which are involved in regulation, 4) penicillin does not act as a structural analogue of the donor peptide involved in transpeptidation but may act at the level of regulatory site(s).