Drugs Made In America Acquisition II, a blank check company targeting the pharmaceutical industry, raised $500 million by offering 50 million units at $10. Each unit consists of one share of common stock and one right to receive one-tenth of a share upon the completion of an initial business combination.
At $500 million, Drugs Made In America Acquisition II is the largest SPAC IPO of the year to date, as well as the largest since January 2022 (GHIXU; $525mm).
Drugs Made In America Acquisition II is led by CEO and Chair Lynn Stockwell, the founder and Chair of 2022 direct listing Bright Green (OTC: BGXX; -99% from Nasdaq reference price). The SPAC plans to target businesses in the pharmaceutical industry, focusing on proven industry leaders with defensible and established business models, among other characteristics.
Management's previous SPAC, Drugs Made In America Acquisition (DMAAU), went public this past February and is still searching for a target.
Drugs Made In America Acquisition II plans to list on the Nasdaq under the symbol DMIIU. Cantor Fitzgerald acted as sole bookrunner on the deal.
