diff --git a/CHANGES.rst b/CHANGES.rst
index 992b31e92..052808652 100644
--- a/CHANGES.rst
+++ b/CHANGES.rst
@@ -1,6 +1,18 @@
 Release Notes
 =============
 
+2.1.121
+-------
+
+This release fixes two bugs brought to light trying to interoperate with
+Poetry projects.
+
+* Support space separated markers in URL reqs. (#2039)
+  `PR #2039 <https://github.com/pantsbuild/pex/pull/2039>`_
+
+* Handle file:// URL deps in distributions. (#2041)
+  `PR #2041 <https://github.com/pantsbuild/pex/pull/2041>`_
+
 2.1.120
 -------
 
diff --git a/pex/version.py b/pex/version.py
index 85c867798..2513fd6e8 100644
--- a/pex/version.py
+++ b/pex/version.py
@@ -1,4 +1,4 @@
 # Copyright 2015 Pants project contributors (see CONTRIBUTORS.md).
 # Licensed under the Apache License, Version 2.0 (see LICENSE).
 
-__version__ = "2.1.120"
+__version__ = "2.1.121"