dipeptidyl-peptidase activity obsolete dipeptidyl-peptidase III activity true DPP III activity molecular_function This term was made obsolete because it represents a gene product. OBSOLETE. Catalysis of the release of an N-terminal dipeptide from a peptide comprising four or more residues, with broad specificity; also acts on dipeptidyl 2-naphthylamides. enkephalinase B activity dipeptidyl-peptidase III activity GO:0017039 dipeptidyl aminopeptidase III activity red cell angiotensinase activity dipeptidyl arylamidase III activity