Share Buy-Back Authority

Intl. Biotechnology Trust PLC
3 August 2001






For immediate release 3rd August 2001

            International Biotechnology Trust plc (the 'Company')
                            Share Buy-Back Authority


As a reflection of its commitment to maximising shareholder value, your Board
has resolved to seek shareholders' approval for the establishment of a share
buy-back scheme. Shareholders will therefore receive a Circular which explains
the nature of the scheme and convenes an Extraordinary General Meeting of the
Company to be held at 31 Gresham Street, London, EC2V 7QA, on Tuesday 28
August 2001 at 10.00 a.m., at which shareholder approval to the proposals will
be sought. If these proposals are sanctioned by shareholders, and subsequently
by the Court, they will enable the Company to purchase for cancellation up to
14.99% of the shares currently in issue.



                                    -ENDS-




For further information, please contact:

International Biotechnology Trust plc

Andrew Barker, Chairman

Tel: [phone]

Fax. [phone]

Email: [e-mail]

Schroder Ventures Life Sciences

Kate Bingham/ Katja Stout

Tel: [phone]

Fax: [phone]

Email: [e-mail]

GCI Financial

Annabel O'Connor

Tel: [phone]

Fax: [phone]

Email: [e-mail]