New Investment

Intl. Biotechnology Trust PLC
25 February 2000


For more information please contact:

Jeremy Curnock Cook, Director,International Biotechnology Trust plc
Tel: + 44 (0) 20 7634 2881
E-mail: [e-mail]   
    
Sue Charles/Katja Stout, HCC.De Facto Group plc
Tel: + 44 (0) 20 7496 3300
E-mail: [e-mail]


      BOOMING BIOTECH INVESTMENT TRUST - IBT - EXPANDS PORTFOLIO WITH A       
             $8.5 MILLION INVESTMENT IN OSI PHARMACEUTICALS INC.              


Friday, 25th February, 2000 London, UK International Biotechnology Trust (LSE:
IBT), which has seen its share price almost triple since the start of the
year, today announced that it had expanded its investment portfolio with a
$8.5 (£5.3) million investment in the New York based biopharmaceuticals
company, OSI Pharmaceuticals, Inc.  Through its investment, IBT will take up
500,000 of the 3.325 million new shares being issued as part of OSI's
successful $56 million new share private placement. 

Commenting on the new investment, Jeremy Curnock Cook, Director of IBT said:

'In making the investment, we judged that OSI offers potential for significant
returns in the medium term. The company has a large portfolio of drug
candidates for indications including cancer therapeutics, cosmeceuticals and
diabetes which, we believe, will build into an impressive clinical pipeline in
the coming years'.

Colin Goddard, President and Chief Executive Officer of OSI Pharmaceuticals,
Inc. stated  'With this financing, OSI has attracted an elite group of
biotechnology investors and secured enough immediate resources to fuel our
proprietary drug discovery and development programs'.

This is the first new core investment that IBT has made in 2000, although in
recent months it has made follow-on investments in CeNeS, GelTex, NetGenics
and Onyx.

IBT's global investment strategy has put the Trust in an excellent position to
benefit from the resurgence in interest in biotech stock worldwide. During
1999 the share price increased by 191%, and then continued to rise in 2000,
from 100.5p at the start of January to 277.5p at close of business 24
February.

IBT is the only investment trust on the London Stock Exchange offering
exposure to biotechnology stocks globally. IBT's investment strategy is to
invest in maturing biopharmaceutical companies in the USA, UK, Europe and
Canada that have significant potential to develop important new drugs, or to
improve healthcare provision through innovative technologies or services.
Investments are usually held for the medium term, with a focus on capital
growth.

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.

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 a larger amount in relatively fewer 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
 - £318 million net asset value of investment at 22nd February 2000
 - Listed on London Stock Exchange (LSE.L)
 - Invests in mid-stage biotechnology companies
 - Investment criteria
   - mid-stage 
   - sound technology platform
   - under-resourced
   - good prospects for commercialisation
 - Further financing may be invested where appropriate
 - Strategic support and management development provided
 - 18 core investments (including OSI)
   - 13 in US, 3 in UK, 1 in Germany, 1 in Canada

2. OSI Pharmaceuticals Inc.

www.osip.com

OSI Pharmaceuticals is a leading drug discovery company with a substantial
pipeline of product opportunities for commercialization with the
pharmaceutical industry.  OSI's research programs are focused in the areas of
cancer therapeutics, cosmeceuticals, diabetes, and GPCR-directed drug
discovery.  OSI utilizes a comprehensive drug discovery and development
capability to facilitate the rapid and cost-effective discovery and
development of novel, small molecule compounds in more than 40 research and
development programs.  OSI is involved in long-term research alliances with
Pfizer, Tanabe, Novartis, Aventis, Sankyo, and Solvay.