1. Purified pyridine nucleotide transhydrogenase from Azotobacter vinelandii contains three thiol residues as judged by titration with 5,5'-dithiobis(2-nitrobenzoic acid) under denaturing conditions.2. In the native conformation of the transhydrogenase only a single thiol residue is titrated. Modification of this exposed thiol does not influence transhydrogenase activity.3. The two less exposed thiol residues can be reacted in part with either p-chloromercuribenzoate or N-ethylnmleimide. Modification of one residue leads to loss of 40-60x of the enzyme activity in both the forward (NAD' + NADPH -+ NADH + NADP') and reverse reaction. The strong inhibitory action of phosphate ions on the reverse reaction Eur. J . Biochem. 107, is abolished after treatment with p-chloromercuribenzoate. Reaction with phenylmercurichloride or p-aminophenylmercuriacetate causes a similar activity loss without affecting the inhibitory action of phosphate.4. The interaction of the divalent thiol inhibitor p-aminophenylarsenoxide with transhydrogenase was found to be reversible and is characterized by an association constant of 6.3 x lo5 M-' at 25 "C in 50 mM sodium phosphate pH 7.50. This reversibility indicates formation of a cyclic dithiolarsinite derivative with considerable ring strain. The activity ofp-aminophenylarsenoxide-transhydrogenase is modulated by phosphate and magnesium ions. The activity of the transhydrogenase . p-aminophenylarsenoxide complex in the forward reaction is inhibited by phosphate and stimulated by magnesium ions. The reverse reaction is not catalyzed by the enzyme-inhibitor complex.5. The presence of an activity modulating site in transhydrogenase which binds phosphate ions and has the two less exposed thiol residues in close proximity is indicated by the results.Pyridine nucleotide transhydrogenase is potentially a very important enzyme in the bacterium Azotohucter vinelandii since it catalyzes the transfer of reduction equivalents from the NADP pool to the NAD pool or vice versa. Since the equilibrium constant of the reaction NADPH + NAD' +NADH + NADP' is approximately equal to unity [I], it follows that the enzyme will cease to catalyze a net transfer when the degrees of reduction of the two pools are approximately equal. Since a lot of NADPH is generated in the catabolism of A . vinelundii [2], the steady-state degree of reduction of the NADP pool is likely to be higher than that of the NAD pool. This is certainly the case in systems containing a membrane-bound, energy-linked transhydrogenase, e.g. mitochondria and Escherichia coli [3,4]. The normal direction of transfer of reduction equivalents in A . vinelandii catalyzed by transhydrogenase is thus likely to be from the ~ Abbrrviulions. sNAD', thionicotinamide adenine dinucleotide, oxidized form; NADPH + sNAD+, shorthand notation for the reaction NADPH + sNAD+ + NADP' + sNADH; CIHgBzOH, p-chloromercuribenzoate; PhHgC1, phenylmercurichloride; HzNPhHgOAc, p-aminophenylmercuriacetate; Nbsz, 5:5'-dithiobis(2-nitrobenzoic acid); H2NPh-AsO, p-aminophenylar...