The Consolidated Biotech Thread 2005

23 December 2005




Portfolio Company


International Biotechnology Trust plc ('IBT') is pleased to note the agreed sale
of KuDOS Pharmaceuticals to AstraZeneca for $210m. IBT's share of the proceeds
will be $6.3m (#3.6m), less transaction costs. IBT has been holding KuDOS at a
valuation of #1.58m (cost). IBT will change its valuation of KuDOS from cost to
agreed proceeds from today. The impact of this revaluation on NAV had it been
applied to the most recent NAV of 119.63p as of 20 December 2005 would have been
an uplift of 4.26p or 3.56%