WestLB Panmure, the German investment bank, is jointly leading the initial public offering of biotechnology firm Meristem Therapeutics - the bank's first equity offering in France since last October.

Since the beginning of 2000, WestLB has only led one equity deal in France, according to Capital Data. The last deal saw the bank acting as co-lead manager of the secondary offering of Eurofins Scientific, another French biotechnology firm, last October. The company was already listed on the Nouveau Marché and raised €38.5m ($32.7m) in a secondary offer on the Frankfurt's Neuer Markt.