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The process of polymer condensation, i.e. the formation of bonds between reactive end-groups, is ubiquitous in both industry and biology. Here we study generic systems undergoing polymer condensation in competition with cyclisation. Using a generalised Smoluchowski theory, molecular dynamics simulations and experiments using DNA and T4 ligase, we find that this system displays a transition, from a regime with finite-length chains at infinite time and dominated by rings to one dominated by linear polymers that grow in time. Finally, we show that fluids prepared close to the transition may have profoundly different compositions and rheology at large condensation times., Comment: 6 pages, 7 figures (main)