RNS No 7626a
BIOTECHNOLOGY INVESTMENTS LIMITED
1st July 1997



THE COMPANY ANNOUNCES THAT AS AT 31 MAY 1997, ITS NET ASSET VALUE
(UNAUDITED) WAS US DOLLARS 395.1 AND NET ASSET VALUE PER SHARE WAS
US DOLLARS 7.12.

NOTE: FOR THE PURPOSES OF THIS CALCULATION INVESTMENTS WERE VALUED
       AS FOLLOWS:

1)     QUOTED INVESTMENTS AT MARKET PRICES ON 31ST MAY 1997 ON A
       RECOGNISED STOCK EXCHANGE.

2)     UNQUOTED INVESTMENTS AT DIRECTORS' VALUATION AS AT 31ST MAY
       1997 ON THE BASIS OF THE RECOMMENDATIONS OF THE INDEPENDENT
       VALUATION ADVISORY BOARD.

3)     RESTRICTED INVESTMENTS AT A DISCOUNT OF THE MARKET PRICE OF
       FULLY MARKETABLE SHARES OF THE COMPANIES IN QUESTION.

THE VALUE OF INVESTMENTS NOT DENOMINATED IN US DOLLARS ARE CONVERTED

AT THE RATES OF EXCHANGE RULING ON 31ST MAY 1997.

COMPARABLE RECENT FIGURES HAVE BEEN:

                               NAV             PER SHARE
                       US DOLLARS MILLION      US DOLLARS

30 APRIL 1997                  374.4           6.75
31 MAY 1996                    362.6           6.53



FOR THE SECRETARY
ROTHSCHILD ASSET MANAGEMENT (CI) LIMITED


END