Portfolio Company

Intl. Biotechnology Trust PLC
15 May 2006



                                                                     15 May 2006



                               PORTFOLIO COMPANY



The Board of International Biotechnology Trust plc notes that the Board of the
quoted portfolio company Cambridge Antibody Technology (Ticker 'CAT') has agreed
a tender offer from AstraZeneca, subject to shareholder and regulatory approval.




The closing price of ordinary shares in CAT on Friday, 12 May 2006 was 791p per
share and the tender offer is 1,320p per share. The current traded price is
1,297p per share.



Enquiries:

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

John Spedding
Schroder Investment Management Limited        Tel: [phone]








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