INTERNATIONAL BIOTECHNOLOGY TRUST PLC

("IBT" or the "Company")

Portfolio Update as at 12 December 2022

The Company notes that Amgen Inc (AMGN) has announced that it entered a definitive agreement to acquire IBT's portfolio company Horizon Therapeutics (HZNP) for $116.50 per share which represents a 47.9% premium to the closing price of Horizon on 29 November 2022 (being the last closing price per Company Share prior to the Company's issuance of an announcement of a possible offer under Rule 2.4 of the Irish Takeover Rules). The bid price in today's announcement represents a premium of 19.7% to the closing price as at 9 December 2022 of $97.29.

Prior to the announcement on 12 December 2022, IBT owned 479,973 shares in Horizon which represents 13.5% of IBT's Net Asset Value, as at the close on Friday 9 December.

For further information contact:

Company Secretary - Link Company Matters

Indu Shastri       +44 (0)7936 045789

LEI: 213800N1QUJ744P76D11