Wall Street’s appetite for risk lit up again Thursday as Drugs Made In America Acquisition II stormed onto the Nasdaq, raising a staggering $500 million in its debut. The special purpose acquisition company, or SPAC, priced 50 million units at $10 each, instantly becoming the largest SPAC listing of 2025.
Trading under the ticker DMIIU, the deal isn’t just another Wall Street experiment—it’s a thunderclap that recalls the high-flying SPAC craze of just a few years ago. The offering is set to close Friday, with underwriters holding a 45-day option to buy 7.5 million more units if demand keeps surging.
Targeting the Pharma Frontier
Though SPACs are blank-check vehicles with broad horizons, this one carries a sharpened focus: companies in the pharmaceutical sector. The filing with the U.S. Securities and Exchange Commission leaves room for flexibility across industries and geographies, but the mission is clear—hunt down pharma players and take them public.
This is the second vehicle under the Drugs Made In America banner to hit the market this year. Its predecessor, which raised $200 million in January, remains in search of a target. Both are run by the same veteran management team, giving investors a sense of continuity and strategic focus.
