Differential scanning calorimetry and size-exclusion chromatography have been used to characterize the dimerization and unfolding of the 205-316 C-terminal fragment of thermolysin at pH 7.5. We show that the folded fragment dimerizes at low temperature with a moderate affinity and undergoes thermal unfolding according to a N 2 a 2N a 2U model. This behavior has already been observed at acid pH, where a similar dissociation equilibrium has been found [Azuaga, A., Conejero-Lara, F., Rivas G., De Filippis, V., Fontana, A., & Mateo, P. L. (1995) Biochim. Biophys. Acta 1252. Nevertheless, at pH 7.5 the dimerization equilibrium slows down below about 30°C, with virtually no interconversion between the monomeric and the dimeric states of the fragment. We have studied the kinetics of interconversion between monomer and dimer by size-exclusion chromatography experiments and have shown that a very high energy barrier (83.8 kJ/mol at 26.5°C) exists between either state. A mathematical analysis of the DSC thermograms on the basis of the proposed model has allowed us to obtain the thermodynamic characterization of the dimerization and the unfolding processes of the fragment and confirms the kinetic parameters obtained in the chromatographic experiments. The thermodynamic functions for the unfolding of the fragment are compatible with some degree of disorder in the structures of both the monomer and the dimer. According to circular dichroism measurements, the dimerization of the fragment seems to be linked to some conformational change in the subunits, most probably due to a rearrangement of the existing secondary-structure elements. This fragment displays several features already observed in folding intermediates, such as the partial disorder of the polypeptidic chain, association processes, and kinetic barriers between different regions in the conformational space.It is well established that the folding pathways of proteins can occur via one or more intermediates, which can range from relatively unordered, pre-molten globules and moltenglobule states to highly ordered, near-native intermediate states (Ptitsyn, 1995, and references therein). These intermediate states sometimes have been well characterized, showing the early-forming persistent structural elements in specific domains of the protein, which later lead to the complete folding of the rest of the chain (Radford et al., 1992;Dobson et al., 1994). Isolated fragments from globular proteins are being widely used as models to provide insight into the folding problem (Vita et al., 1979(Vita et al., , 1984(Vita et al., , 1989Fontana, 1990;Chaffotte et al., 1991;Peng & Kim, 1994;Rico et al., 1994;Conejero-Lara et al., 1994). These submolecular domains can provide information about local events which could well be of importance during the folding of the complete polypeptide chain.In previous studies Fontana and co-workers have isolated and characterized a set of thermolysin fragments, most of them from the C-terminal part of the protein, using mainly circular dich...