Investee Company IPO

Intl. Biotechnology Trust PLC
31 October 2006



                                                                 31 October 2006


                    INVESTEE COMPANY INITIAL PUBLIC OFFERING


The Board of International Biotechnology Trust plc (the 'Company') notes that
portfolio company Achillion Pharmaceuticals, Inc. (ticker - 'ACHN ') had an
Initial Public Offering ('IPO') on NASDAQ at a price of US$11.50 per share on 26
October 2006. At 17 October 2006, the value of the Company's investment in
Achillion, held at Directors' valuation, amounted to £0.5m. At the IPO price,
the value of this holding remains at £0.5m. As Achillion is now a publicly
listed company, the Company's investment will be subject to market valuation.
The Company has a 180-day lock-up period on the stock from the date of the IPO.





Enquiries:


Andy Smith
SV Life Sciences Managers LLP
Investment Manager                         Tel: [phone]

Louise Richard
Schroder Investment Management Limited     Tel: [phone]




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