Net Asset Value(s)

Intl. Biotechnology Trust PLC
10 February 2006

FOR IMMEDIATE RELEASE
10-Feb-06


To : The London Stock Exchange



International Biotechnology Trust plc



The Board of International Biotechnology Trust plc announces that the unaudited
net asset value per share as at Tuesday 7 February 2006 was 143.87 pence. The
valuations of Micromet and Cancervax ('CNVX') have been the greatest
contributors to this change in NAV adding 6.45p and 0.70p per share
respectively, in total 7.15p per share. As previously notified, these companies
have  agreed to merge and await shareholder approval during the next five months
to complete the merger. Micromet is valued using the announced merger terms and
CNVX's quoted price less a discount of 25% to reflect the risk of the merger not
being completed.  CNVX is valued at market price. These valuation  movements
have contributed 5.3% of the 7.1% NAV uplift since the last NAV announcement of
31 January 2006.



By Order of the Board
Schroder Investment Management Limited
Secretaries




Enquiries :

International Biotechnology Trust plc        Terry Croft       020 7658 3953





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