The present invention relates to a compound comprising a peptide moiety, a spacer moiety and a water-soluble polymer moiety such as a poly(ethylene glycol) moiety. The spacer moiety is between the peptide moiety and the water-soluble polymer moiety. The spacer moiety has the structure:—NH—(CH2)α—[O—(CH2)β]γ—Oδ—(CH2)ε—Y—wherein α, β, γ, δ, and ε are each integers whose values are independently selected.