Therapeutic peptides have broad applications in areas like oncology, inflammation, and infection.Traditional linear peptides face limitations like poor stability and low membrane permeability.Cyclization of peptides leads to macrocyclic peptides (MCP) which offer improved binding, specificity, and stability.MCPs have unique advantages over small molecule drugs and large biologics, such as higher specificity and stability.MCP discovery involves synthesizing unique libraries, screening for activity, and optimizing hit compounds.Display technologies like mRNA and phage display are commonly used in MCP discovery, but they have limitations in library diversity.Startups focusing on diverse library generation, advanced screening, and computational discovery are key players in the MCP discovery field.Big pharma firms have a high interest in MCPs, with significant deals being made with MCP discovery companies.The peptide therapeutics market is expected to reach $100+ billion by 2033, with MCPs representing a significant portion of this market.MCP discovery startups have exit opportunities through acquisitions or IPOs, as evidenced by acquisitions like Ra Pharmaceuticals by UCB Pharma.