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my ($str) = $input =~ m#^-L(((?!\s*-).)*)#;
$input =~ s#-lmylib#$str/mylib.a#;

#
# Input         : -L/usr/local/lib -lmylib -lz
...
# The meat
my ($str) = $input =~ m#^-L(((?!\s*-).)*)#;
$input =~ s#-lmylib#$str/mylib.a#;