Change of Manager

Intl. Biotechnology Trust PLC
8 November 2000



INTERNATIONAL BIOTECHNOLOGY TRUST Plc ('IBT')

APPOINTMENT OF NEW INVESTMENT ADVISER
AND MANAGER



The Board of International Biotechnology Trust plc has today appointed
Schroder Ventures Life Sciences Advisers (UK) Ltd. to be the investment
adviser and Schroder Investment Management Ltd. ('SIM') to oversee the
administration of the Company. The appointments follow the termination of the
previous investment management contract with Rothschild Asset Management.

Schroder Ventures Life Sciences ('SVLS'), part of the Schroder Ventures group,
has a team of 17 professionals based in London and Boston.  SVLS has a strong
record of excellent returns to investors and has raised a total of US$400
million for investment in the life sciences sector, of which some US$280
million has been invested to date in approximately 100 companies in the US,
Europe and Asia.

Commenting on today's announcement, Jock Green-Armytage, Chairman of IBT,
said:  'The Board received presentations from a number of potential investment
managers and was particularly impressed by the SVLS team because of its depth
of expertise in the biotechnology sector, its international experience and
presence and its successful investment track record.   We believe SVLS has all
the relevant qualifications to provide superior investment advice and deal
execution for both quoted and unquoted securities to our company.   It has
been a leader in bringing private life sciences companies to market and, in
particular, has a presence in the US and wide experience in the US
biotechnology sector where IBT believes significant opportunity lies.'   

The Board has negotiated an annual investment management fee of 1.35 per cent
of gross assets.   Incentive fee arrangements, which include benchmarks and
hurdle rates in line with industry practice, have been put in place which are
appropriate to the nature of the portfolio. 

Prior to making this appointment, the Board of IBT consulted a number of
substantial shareholders in the Company.  It has today written to all
shareholders to inform them of the appointment.  The Board will also, in due
course, publish a circular outlining proposals designed to enable shareholders
who wish to retain a continuing investment in the international biotechnology
sector to do so through a vehicle whose initial net value will comprise not
less than 50 per cent of the Company's assets.   Within this parameter,
arrangements will be made for shareholders who wish to realise all or part of
their investment to do so through the realisation of assets attributable to
their interest in the Company.'



Enquiries:

International Biotechnology Trust plc
Tel: [phone]
Dennis Turner, Director

Schroder Ventures Life Sciences
Tel: [phone]
Kate Bingham, General Partner

Merrill Lynch International
Tel: [phone]
Melville Trimble

Square Mile Communications (for Schroder Ventures)
Tel: [phone]
David Simpson

Financial Dynamics (for IBT)
Tel: [phone]
David Yates