Tender Offer

Intl. Biotechnology Trust PLC
10 January 2001

For immediate release

10 January 2001


                    INTERNATIONAL BIOTECHNOLOGY TRUST PLC

                                 TENDER OFFER


Tender Offer


At the EGM held today, each of the special resolutions put to shareholders to
approve the Tender Offer was passed. Under the terms of the Tender Offer,
shareholders could tender up to their entire shareholding, although such
tenders would only be satisfied, on a pro rata basis, to the extent that other
shareholders tendered less than 50% of their shareholding.


Based on the net asset value per share at the close of business on 8 January
2001, the repurchase price is 280.89 pence per share. As the total number of
shares tendered (43,372,044 shares representing 47.15% of the Company's issued
share capital) is less than the maximum under the Tender Offer, all shares
tendered will be purchased.


The Company has sufficient distributable reserves to meet the cost of the
Tender Offer and therefore a Court sanction of the Tender Offer will not be
required. It is expected that CREST accounts will be credited, and cheques
will be posted, in settlement of tendered shares on 12 January 2001.


Following settlement under the Tender Offer, and based on the net assets of 8
January 2001, and applying BVCA discounts where appropriate, the Company will
have net assets of £137.8 million and have 48,615,467 ordinary shares in
issue, equating to a net asset value of 283.48 pence per share.


Jock Green Armytage, Chairman, commented as follows:


'I am pleased to say that, while shares representing 47.15% of the issued
share capital of the company were tendered, a very high majority of
shareholders in the Company by number tendered no shares or only a minority of
their shareholding. Your Board regards this as an endorsement of the policy of
the Company and a reflection of most shareholders' belief in the potential of
the Company's continued investment opportunity in the global biotechnology
sector, under our new investment advisors, Schroder Ventures Life Sciences.'


Enquiries:


Melville Trimble

Merrill Lynch International

020 7772 1462


John Spedding

Schroder Investment Management

020 7658 3206


Alice Todhunter

Schroder Ventures

020 7632 1050
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