Investment Report - Replacement

Intl. Biotechnology Trust PLC
25 November 1999

The headline for the Intl. Biotechnology Trust PLC announcement released at
07:30 today should read 'Investment Report' and not 'Net Asset Value' as
originally shown. All other details are unchanged.


TOP INVESTMENTS LIFT INTERNATIONAL BIOTECHNOLOGY TRUST'S NET ASSET VALUE

Thursday 25 November 1999, London, UK Corporate and scientific developments at
International Biotechnology Trust's ('IBT') lead investments during November
helped lift the Trust's undiluted Net Asset Value per share from 78.23p at the
end of October to 93.42p on 15 November, a rise of 19.4%.

Biocompatibles International ('Biocompatibles'), IBT's largest current
investment by value, concluded a distribution agreement with Abbott
Laboratories Inc for the BiodivYsio stent on 22 November.   Abbott will
exclusively distribute the Biocompatibles stent in the US.  In addition,
Abbott received rights to Biocompatibles' pipeline of other interventional
vascular products and was granted a licence to Biocompatibles' proprietary
phosphorylcholine (PC) coating technology for other devices. On 15 November,
Biocompatibles' share price was 358.5p, having risen from 248.5p at the end of
October and 162.5p at the end of September.  On the day of the announcement of
the Abbott agreement, the share price rose further, up to 380p. 

On 8 November, Ribozyme Pharmaceuticals Inc ('Ribozyme'), IBT's second largest
investment, also rose in value with the presentation of the results of a study
which showed that a ribozyme therapeutic had potent activity against a
Hepatitis C virus in cell culture.  Ribozyme's share price increased from US$
6 at the end of October to US$ 10.06 on 15 November.

Also contributing to IBT's increase in NAV was Medarex which has had positive
analyst coverage over recent months and, on 11 November, received a $1 million
access fee from Novartis for its HuMAb-Mouse technology.  Medarex's share
price increased from US$ 6.88 at the end  of October to US$ 10.75 on 15
November.

Details of the contributions of IBT's top ten investments to the Trust's NAV
are shown in the attached table.  As stated above, Biocompatibles is now the
Trust's largest investment following the divestment of Pharmacia & Upjohn
('P&U') shares received through the acquisition of SUGEN by P&U.


For more information please contact:

Jeremy Curnock Cook, Director
International Biotechnology Trust plc
Tel: [phone]
E-mail: [e-mail]

Website Address: www.internationalbiotrust.com

Sue Charles/Chris Gardner
HCC.De Facto Group plc
Tel: [phone]
E-mail: [e-mail]


Issued by International Biotechnology Trust plc and approved by Rothschild
Asset Management, which is regulated by IMRO


IBT'S TOP TEN INVESTMENTS BY VALUE              
As at 15 November 1999               
              
              
                              Value £000       Proportion of IBT's NAV
Core investments              
Biocompatibles International        9,197       11.19%
Ribozyme Pharmaceuticals            8,060       9.80%
Cubist Pharmaceuticals              6,664       8.11%
Medarex                             6,635       8.07%
Onyx Pharmaceuticals                6,194       7.53%
Angiotech Pharmaceuticals           3,512       4.27%
NetGenics *                         3,406       4.14%
MorphoSys                           3,222       3.92%
Corvas International                3,082       3.75%
Targeted Genetics                   2,928       3.56%
              
* Unquoted investment              
              
Unaudited NAV as at 15 November 1999        £82,215,837        




Notes to editors:

International Biotechnology Trust plc

International Biotechnology Trust plc (IBT) was launched to take advantage of
the investment opportunities arising in mid-stage life-science companies,
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
 £69.2 million Net Asset Value at 31 August 1999
 Listed on the London Stock Exchange
 Invests in mid-stage life science 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
 16 core investments 
- 11 in US, 3 in UK, 1 in Germany, 1 in Canada


IBT Management Company

The RBU, led by Jeremy Curnock Cook, was established in 1981 within RAM to act
in an advisory capacity to Biotechnology Investments Limited.  In 1994, RBU
also became responsible for the management of IBT. The RBU team is
multidisciplinary, with backgrounds in science, industry, finance and
management, enabling it to provide comprehensive advice and support to
investee companies.  The investment team works with a number of
internationally renowned scientific and industry consultants who help assess
new technologies and investment proposals as well as supporting investee
companies.