In various aspects, the present invention relates to novel compounds, which modulate calcitonin and amylin receptor activity; to processes for the preparation of such compounds; and to pharmaceutical compositions including such compounds. Compounds of the invention are useful as calcitonin and/or amylin agonists and in the treatment of bone disease such as osteoporosis, Paget's disease, hypercalcemia, and in the treatment of metabolic diseases, such as insulin-requiring states.