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The generation of arachidonic acid metabolites is associated with the activation of a wide range of mammalian cell types, and these compounds are involved in the regulation of a number of physiological and pathological events, including inflammation. Among the pathways available for oxygenation of arachidonic acid the widely distributed lipoxygenases have recently received considerable attention, particulary because of their being involved in the formation of potent inflammatory mediators, such as the leukotrienes. Recently, it was found that interactions between major lipoxygenases may give rise to a novel group of eicosanoids – the lipoxins. The paper is a review of the biochemistry and biological activities of leukotrienes and lipoxins, and provides information about further development of research in this new field.