Spain's Probitas Pharma has pulled its €413m flotation after international investors shunned the issue. It is the second European biotechnology firm to cancel an initial public offering in the past few weeks.

A spokesman for Probitas said: "The company had set aside 65% of the offer for international institutional investors but that tranche was not fully covered. Also the markets have been down in the last few weeks."

Probitas pulls IPO after four banks fail to find investors

Georgina Leslie

Banco Bilbao Vizcaya Argentaria

Santander Central Hispano

Probitas Pharma

BioMérieux

Deutsche Bank

Morgan Stanley

Goldman Sachs

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