UBS has launched the initial public offering of Paion, a biopharmaceutical company which develops treatments for strokes. It is the bank's first German float in more than four years.

UBS is sole global co-ordinator and bookrunner of Paion's offer which could raise up to €70m ($92m). The bank was last a bookrunner of a German IPO in November 2000, according to Dealogic, the investment banking research provider, when it led the €6.6bn privatisation of Deutsche Post, the mail company, alongside Deutsche Bank.