Returns & New Investment Opportunities

Intl. Biotechnology Trust PLC
20 March 2000


For more information please contact:  

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

BIOTECH SECTOR PROVIDES RETURNS AND NEW INVESTMENT OPPORTUNITIES FOR
INTERNATIONAL BIOTECHNOLOGY TRUST

IBT divests from Medarex and MorphoSys with uplifts of 915% and 1469%
respectively and invests in Canadian-based AnorMED

March 20, 2000 - London, UK - International Biotechnology Trust (IBT) announced
today that it has made significant returns from its two recent divestments from
Medarex and MorphoSys.  Uplifts in the value of IBT's investments were
respectively 915% and 1,469% with returns on investment of 73% and 185% per
annum.  These returns are a reflection of IBT's good stock selection and of the
sharp rise in share prices in the sector over the quarter - in particular for
genomics and antibody companies.

IBT uses returns on investments to reinvest in new companies.  In recent weeks
IBT has invested in publicly-quoted Canadian-based AnorMED Inc., in which it
made a £1.74 million (CAD 3,98 million) investment.  AnorMED discovers and
develops therapeutic and diagnostic applications of metal complexes and metal
binding compounds with emphasis on life threatening disease and acute
treatments.  IBT has also made a follow-on investment in existing portfolio
company, Biocompatibles International plc, investing £1 million.  These are in
addition to the recent investments announced in OSI Pharmaceuticals and Axxima.

Jeremy Curnock Cook, Director of IBT, commented 'We are extremely pleased that
our stock picks in antibody-based therapeutic companies have proved so lucrative
and that the timing of our divestments has rewarded our shareholders with
substantial returns.

He continued 'We are also pleased to be making a second investment in Canada,
following the investment in Angiotech in 1997.  AnorMED has a strong pipeline,
is well partnered and compared to the average market cap of a US company with a
Phase III product, is undervalued.'

IBT's timing for divestment reflects the investment strategy laid out by the
fund - that is to invest typically for three to five years, and to choose a time
for divestment that meets the criteria for return.  In the case of both Medarex
and MorphoSys, target for returns was significantly exceeded.

IBT invested US$5 million as the lead investor in a US$11 million placing of 2.2
million Medarex shares in November 1995.  Mederex develops antibody-based
therapeutics to fight life threatening and debilitating diseases.  The fund
invested US$5million in a US$11.5 million private placement for MorphoSys, in
July 1997.  In March 1999, MorphoSys completed a successful Initial Public
Offering on the German Neuer Markt raising $28 million.  MorphoSys develops and
applies technologies that accelerate drug discovery and target characterisation
based on combinatorial chemistry.  Both of these companies have performed
extremely well, as the genomics and antibody-based therapeutics companies have
out-performed the rest of the biotech sector.

IBT's Top 10 core holdings as at 15th March 2000 were:

                                      Value              Proportion of NAV
                                      £000               as at 15th March 2000

Targeted Genetics Corporations        35,811,962         11.94%
Ribozyme Pharmaceuticals Inc          27,236,918          9.08%
Angiotech Pharmaceuticals Inc         24,883,961          8.30%
Cell Therapeutics Inc                 20,732,565          6.91%
Onyx Pharmaceuticals                  19,355,856          6.45%
Corvas International Inc.             16,434,334          5.48%
Biocompatibles International plc      11,692,099          3.90%
OSI Pharmaceuticals Inc.               6,459,896          2.15%
Epimmune Inc                           4,539,421          1.51%
CeNeS Pharmaceuticals plc              4,456,081          1.49% 

IBT is the first 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
- £299.9 million net asset value of investment at 15th March 2000
- Listed on London Stock Exchange (IBT.L)
- Invests primarily in mid-stage biotechnology 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
- 18 core investments
     - 12 in US, 3 in UK, 1 in Germany, 2 in Canada

2. AnorMED Inc.

www.anormed.com

AnorMED Inc. discovers and develops therapeutic and diagnostic applications of
metal complexes and metal binding compounds with emphasis on life threatening
disease and acute treatments.

The AnorMED team has an outstanding success record discovering new compounds for
clinical development.  The company's strategy is to progress its portfolio of
promising lead drug candidates through early stage clinical trials.  Once
efficacy in patients is established, AnorMED will seek out licensing and/or
corporate partnerships for these areas.

The company's growth plans include taking products further down the development
path toward regulatory approval to obtain their full commercial potential.