Portfolio Company

Intl. Biotechnology Trust PLC
10 May 2006

                                                                     10 May 2006

                               PORTFOLIO COMPANY


The Board of International Biotechnology Trust plc ('IBT') notes that
information concerning the portfolio events announced on 3 May 2006 has now
become public.  An excerpt of the joint press release from the two relevant
companies yesterday is as follows:

'Merck & Co., Inc., one of the world's leading research-based pharmaceutical
companies, and GlycoFi, Inc., a privately-held biotechnology company which is a
leader in the field of yeast glycoengineering and optimization of biologic drug
molecules, today announced that they have entered into a definitive agreement
under which Merck will acquire GlycoFi.  Under the terms of the merger
agreement, Merck will acquire 100 percent of the equity of GlycoFi, which will
become a wholly-owned subsidiary of Merck & Co, Inc.  The all-cash transaction
is valued at approximately $400 million and is expected to close in the second
quarter of 2006, subject to customary closing conditions and clearance under the
Hart-Scott-Rodino Anti-Trust Improvements Act.'

The valuation of the GlycoFi holding within the IBT unquoted portfolio was
adjusted to reflect this deal within the last released net asset value of 2 May
2006. A 10% discount has been applied to 90% of the sale proceeds, which are
likely to be received in Q2 2006, and a 50% discount on the remaining 10% in
escrow.  The original investment of £1.1 m was made in October 2005 and proceeds
from the sale will be approximately £9.1m, a nine-times multiple.



Enquiries:

Andy Smith
SV Life Sciences Managers LLP
Investment Manager                           Tel: [phone]

John Spedding
Schroder Investment Management Limited       Tel: [phone]


                      This information is provided by RNS
            The company news service from the London Stock Exchange