Portfolio Company

Intl. Biotechnology Trust PLC
04 May 2006
                             
                                                                      4 May 2006

                               PORTFOLIO COMPANY

The Board of International Biotechnology Trust plc (the 'Company') notes that
the merger of Cancervax and Micromet has become unconditional and the merger
will take place on 5 May 2006, with the combined entity being quoted on NASDAQ
from Monday, 8 May with Ticker MITI.  The 25% discount which has previously been
applied to the valuation of the Micromet holding to reflect the uncertainty of
the transaction completing has been released and, based on the latest portfolio
valuation as at 2 May 2006, the holding of Micromet in the portfolio has
increased in value from £4.3m to £5.7m - an increase of 3.0p to the Company's
net asset value as at 2 May 2006.


Enquiries:

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

John Spedding
Schroder Investment Management Limited                    Tel: [phone]








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