The present invention relates to a conjugate or a pharmaceutically acceptable salt thereof comprising an GLP-1/Glucagon receptor agonist, a linker anda hyaluronic acid hydrogel bearing -L1-L2-L-Y-R20 groups, wherein Y represents an GLP-1/Glucagon receptor agonist moiety; and -L is a linker moiety-by formula (Ia), wherein the dashed line indicates the attachment to one of the amino groups of the GLP-1/Glucagon receptor agonist moiety by forming an amide bond. The invention further relates to pharmaceutical compositions comprising said conjugates as well as their use as a medicament for treating or preventing diseases or disorders which can be treated by GLP-1/Glucagon receptor agonist.本發明涉及一種接合物或其藥學上可接受的鹽,所述接合物包含GLP-1/胰高血糖素受體激動劑、連接子和具有-L1-L2-L-Y-R20基團的透明質酸水凝膠,其中,Y表示GLP-1/胰高血糖素受體激動劑部分;並且-L是式(Ia)的連接子部分, 其中,虛線表示藉由形成醯胺鍵與GLP-1/胰高血糖素受體激動劑部分的胺基中的一個連接。本發明進一步涉及包含所述接合物的醫藥組合物,及其作為用於治療或預防可藉由GLP-1/胰高血糖素受體激動劑治療的疾病或病症的藥物的用途。