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Transesterification

The substitution of one alcohol for another in an ester bond, e.g. the displacement of one 3'-hydroxy group of a phosphodiester bond by the 3'-hydroxy group of another nucleotide during the self-splicing of an RNA molecule, or the internal transfer of phosphate from a 3'-hydroxy to a 2'-hydroxy group during the reaction of pancreatic ribonuclease.

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