Ascomycin ( 1a ), a macrolactam antifungal antibiotic disclosed by Arai in 1962, 1 was found to display immunosuppressive activity more than 2 decades later by Okuhara and coworkers at Fujisawa. 2 Ascomycin ( 1a ) and FK506 ( 1b ) bind to a peptidyl-prolyl-isomerase, FKBP, a necessary but insufficient condition for drug activity. Both FK506 and ascomycin exist as a mixture of slowly interconverting cis and trans amide rotamers. It has also been shown that only the trans amide rotamer binds to FKBP. 24-epi-Ascomycin ( 3 ), 24-oxo-22-norascomyin ( 9a ), and 22-norascomycin ( 9b ), obtained by semisynthesis from ascomycin, exist as single rotamers on the NMR time scale. Their synthesis and the biological consequences of this observation are discussed.