A new gramicidin has been isolated from a commercial mixture of gramicidins A, B, and C. This new molecule, designated gramicidin K, contains formyl and ethanolamine blocking groups, has a molecular weight approximately 20% higher than gramicidin A, and is strongly retained on reversed-phase liquid chromatographic columns. Gramicidin K can be resolved into two components, one of which contains tyrosine. In lipid bilayer membranes, both components form channels of considerably longer lifetime and somewhat lower conductance than gramicidin A. Gramicidin K appears to be a lipopeptide that consists of a fatty acyl chain attached to the ethanolamine of gramicidin A.