An enzymatic activity that catalyzes the conversion of glandular parathyroid hormone to a smaller-molecular-weight, biologically and immunologically active form of this hormone has been extracted from normal parathyroid and other porcine tissues. The product of the conversion has the immunologic characteristics of the hormone that occurs in peripheral serum and in tissue culture medium from parathyroid explants. The enzyme is activated by chelating agents and is inhibited by high calcium concentrations, suggesting that this enzyme may be important in the regulation of secretion or metabolism of the hormone.