Acquisition

Intl. Biotechnology Trust PLC
4 October 2000


For more information please contact:

Dr. Edward Wawrzynczak
International Biotechnology Trust plc
Tel: + 44 (0) 20 7634 2874
E-mail: [e-mail]

Sue Charles
HCC De Facto Group plc
Tel: + 44 (0) 20 7496 3300


IBT PORTFOLIO TO INCLUDE ABGENIX, A WORLD LEADER IN THERAPEUTIC ANTIBODIES 
ImmGenics agrees to acquisition by Abgenix London, UK.

International Biotechnology Trust (LSE: IBT), is set to welcome Abgenix into
its investment portfolio, following the announcement that ImmGenics, a private
Canadian company in which IBT invested CAN $3.9 million (US$2.6 million) in
May this year, has agreed to an acquisition by Abgenix, Inc. 

Abgenix, one of the world leaders in therapeutic antibody development, with a
market capitalisation of over US$ 6.4 billion, and ImmGenics, Inc. announced
on the 26 September a definitive agreement whereby Abgenix will acquire
ImmGenics in an all-stock transaction. The transaction, which is expected to
be completed by December 1, 2000, has been approved by both companies boards
of directors and remains subject to ImmGenics shareholder approval. Abgenix
will exchange approximately US$77 million (CAN$110 million) of its stock for
all ImmGenics shares and options.

ImmGenics has developed a proprietary technology that can increase both the
effectiveness and speed of antibody product discovery efforts. Specifically,
ImmGenics technology dramatically increases the number of antibodies that can
be screened for any target. This breakthrough technology is expected to 
allow Abgenix to rapidly select optimal product candidates from larger pool of
antibodies. 

The IBT portfolio has benefited significantly from investments in antibody
companies. In March 2000 IBT divested its interests in Medarex and MorphoSys.
Uplifts in the value of IBT's investments were respectively 915% and 1,469%
with returns on investment of 73% and 185% per annum. These returns are a
reflection of IBTs good stock selection and of the sharp rise in share prices
in the sector over the first quarter of the year - in particular for genomics
and antibody companies.

Since May 2000, IBT has divested its holdings in: Alza, Amgen, Biogen, Boston
Scientific, Cadus Pharmaceutical, Chiron, Cubist, GelTex, Genzyme General
Division and Serono.

More information on the Abgenix/ImmGenics deal at:
http://www.immgenics.com/abgenix_press.html

Further information on IBT at: www.internationalbiotrust.com

Issued by International Biotechnology Trust plc and approved by Rothschild
Asset Management, which is regulated by IMRO. As IBT invests in the
biotechnology sector, investments in IBT should be regarded both as long term
and as carrying a high level of financial risk. Accordingly 
share value may fall as well as rise and investors may not get back the amount
invested.

International Biotechnology Trust and Rothschild Asset Management Ltd (RAM)
make no representation as to the accuracy or timeliness of information
contained in websites linked to this press release and specifically disclaims
any liability for the information and advice of third parties, which are
linked to, but not included, in this press release.

Notes to editors

1. International Biotechnology Trust plc  

www.internationalbiotrust.com

International Biotechnology Trust plc (IBT) was launched to take advantage of
the investment opportunities arising in mid-stage life science companies, with
emphasis on investing in relatively few companies, and involving a close
working relationship with investee companies through the provision of
strategic management support and sector expertise. 

International Biotechnology Trust  Key Data
- Founded in 1994
- £353.7 million net asset value of investment at 26 September 2000 
- Listed on London Stock Exchange (LSE.L)
- Managed by the bioscience unit at Rothschild Asset Management
- Invests primarily in mid-stage biotechnology companies
- Investment criteria
  - sound technology platform
  - under-resourced
  - good prospects for commercialisation
- Further financing may be invested where appropriate
- Strategic support and management development provided
- 24 core investments 
      15 in US, 4 in Canada, 3 in UK, 1 in Germany, 1 in France 

2. ImmGenics
www.immgenics.com ImmGenics Pharmaceuticals Inc. is a Vancouver-based
biotechnology company that develops and intends to commercialise
antibody-based therapeutic and diagnostic products for the treatment and 
diagnosis of a wide variety of diseases, including infectious diseases, cancer
and inflammatory and autoimmune diseases.

3. Abgenix  (Nasdaq: ABGX)
www.abgenix.com
Abgenix is a biopharmaceutical company focused on the development and
commercialisation of antibody therapies for a variety of diseases. The company
developed XenoMouse TM technology to enable the rapid generation of high
affinity, fully human antibody product candidates to essentially 
any disease target appropriate for antibody therapy. Abgenix uses its
XenoMouse technology to build a large and diversified product portfolio
through the establishment of licensing arrangements with 
multiple pharmaceutical, biotechnology and genomics companies and through the
development of its own internal proprietary products.