International Biotechnology Trust (IBT) is an investment firm that focuses on development and late-stage companies in the biotechnology and life sciences sectors. The majority of the fund's investments are in smaller and mid-capitalization quoted companies, with a minority in larger capitalization quoted companies. IBT invests in companies engaged in the development and commercialization of biotechnology drug candidates, medical devices, and other enabling technologies. The firm typically invests in the United States but seeks the best investments worldwide, including Western Europe, Australia, and Asia. IBT exits unquoted investments through the sale of these companies to strategic buyers or through a flotation.