Result of Tender Offer

Intl. Biotechnology Trust PLC
8 January 2001

INTERNATIONAL BIOTECHNOLOGY TRUST PLC



TENDER OFFER RESULT



Valid tenders under the Tender Offer were received for 43,372,044 shares
representing 47.15 percent of the Company's issued share capital as at 5
January 2000.

Subject to the passing of the resolutions to be put to shareholders at the
Extraordinary General Meeting on 10th January 2001, and if required,
confirmation from the Court for a reduction of the share premium account, all
tenders will be met in full.



Enquiries



Melville Trimble

Merrill Lynch International

020 7772 1462



John Spedding

Schroders Investment Management

020 7658 3206