Warner Chilcott Falls in Debut

Warner Chilcott(WCRX Quote), a developer of women's health products, has priced its initial public offering of 70.6 million shares at $15 each, below its expected range of $17 to $19 a share.

Shares of Warner Chilcott were lower near the end of their first trading day, falling 15 cents, or 1%, to $14.85.

After deducting underwriting discounts, commissions and other expenses, proceeds are expected to be around $1 billion, or $193.1 million less than the company had hoped to raise.

Warner Chilcott, a maker of contraceptives and hormone therapies, as well as dermatologic drugs for psoriasis and acne, expects to launch the first Food and Drug Administration-approved chewable oral contraceptive, Ovcon 35 Fe, this month.