Substantial Shre Notification

Intl. Biotechnology Trust PLC
5 February 2002



5 February 2002

By Facsimile



London Stock Exchange Limited

Company Announcements

Old Broad Street

London

EC2N 1HP



Dear Sirs


                    Substantial Share Interest Notification

We are writing to advise you that the Company was notified on 5 February 2002,
that Co-operative Insurance Society Limited has reduced its beneficial interest
in the Company, following a sale by CIS Pension Scheme Nominee Limited totalling
412,500 shares, and now has an interest in 6,586,467 ordinary shares of 25p
each, representing 13.55% of the 48,615,467 ordinary shares in issue. The date
of the transaction was not disclosed.



Yours faithfully,



John Spedding

For SCHRODER INVESTMENT MANAGEMENT LIMITED

Secretaries





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