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Platelet activating factor (PAF) is a biologically active phospholipid synthesized by stimulation of various cells. PAF is converted to the biologically inactive lyso-PAF by PAF acetylhydrolase (PAF-ah). PAF-AHs are located intracellularly and extracellularly (eg, in the cytoplasm and plasma). Plasma PAF-AH is highly selective for phospholipids with a very short acyl group at the sn-2 position and is associated with lipoproteins.