A new mRNA coding for the heparin-binding EGF-like growth factor (HB-EGF) was found in Vero cells. The corresponding cDNA had C-156 in place of T, which resulted in a loss of the NheI site and replacement of Leu-33 with Pro in the HB-EGF precursor. The known and new forms of the precursor were accordingly termed L and P. A conformational change in the corresponding propeptide region was assumed to affect the processing of soluble secreted HB-EGF. The L and P mRNAs are differently expressed in various cell lines, have identical 5"-untranslated sequences, and are probably transcribed from one promoter and then alternatively spliced. Stimulation of resting Vero cells with tetraphorbol ester (TPA) substantially increased the production of the L form, decreased the production of the P form, and did not affect the expression of total HB-EGF mRNA. This was associated with increased binding of the diphtheria toxin, suggesting that the L HB-EGF precursor acts as its receptor.