Net Asset Value(s)

Intl. Biotechnology Trust PLC
19 January 2006

          FOR IMMEDIATE RELEASE                            19-Jan-06



            To : The London Stock Exchange



International Biotechnology Trust plc


The Board of International Biotechnology Trust plc announces that the unaudited
net asset value per share as at Tuesday 17th January 2006  was 133.00 pence.

IBT is pleased to note that two of its portfolio companies - Cancervax (CNVX)
and Micromet announced on the 9th January that they intend to merge.   The 
combined entity is planned to be renamed Micromet - (Ticker 'MITI'). Using 
CNVX's quoted price as the basis for the valuation of Micromet, less a 25% 
discount to reflect the risk of the transaction not being completed, we have 
changed the valuation of Micromet from £2.3m to £3.2m.  Also within this net 
asset value is a reduction in the valuation of Affibody from £1.5m to £0.59m 
to reflect our concerns over this company's progress.


By Order of the Board
Schroder Investment Management Limited
Secretaries



Enquiries :

International Biotechnology Trust plc        Anthony Carney       020 7658 2548



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