Drugs Made In America Acquisition II (DMII)
Market Price (3/30/2026): $9.98 | Market Cap: $-Sector: Financials | Industry: Multi-Sector Holdings
Drugs Made In America Acquisition II (DMII)
Market Price (3/30/2026): $9.98Market Cap: $-Sector: FinancialsIndustry: Multi-Sector Holdings
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Low stock price volatilityVol 12M is 2.3% | Trading close to highsDist 52W High is -0.3%, Dist 3Y High is -0.3% | Key risksDMII key risks include [1] failing to complete a business combination, Show more. |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics. Themes include Domestic Biopharmaceutical Manufacturing, and Biopharmaceutical Supply Chain Security. | Weak multi-year price returns2Y Excs Rtn is -21%, 3Y Excs Rtn is -61% |
| Low stock price volatilityVol 12M is 2.3% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics. Themes include Domestic Biopharmaceutical Manufacturing, and Biopharmaceutical Supply Chain Security. |
| Trading close to highsDist 52W High is -0.3%, Dist 3Y High is -0.3% |
| Weak multi-year price returns2Y Excs Rtn is -21%, 3Y Excs Rtn is -61% |
| Key risksDMII key risks include [1] failing to complete a business combination, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Drugs Made In America Acquisition II (DMII) operates as a Special Purpose Acquisition Company (SPAC) without significant ongoing operations, a characteristic that typically pegs its stock price near its initial public offering (IPO) price. The company completed its IPO in September 2025, pricing its units at $10.00, and its ordinary shares, which began trading separately on December 3, 2025, have largely remained within a tight range of $9.86 to $10.01. This stable price action is common for SPACs that hold their proceeds in a trust, offering investors a floor around the IPO price.
2. The absence of an announced definitive business combination target is a core reason for the stagnant stock price. As a blank check company, DMII's primary objective is to merge with or acquire another business, specifically within the pharmaceutical industry. Since its shares began trading on December 3, 2025, the company has not identified a specific acquisition target or engaged in substantive discussions for a business combination, which would typically serve as a significant catalyst for stock movement.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| DMII | ||
| Market (SPY) | -5.3% | -3.0% |
| Sector (XLF) | -10.0% | -13.7% |
Fundamental Drivers
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Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| DMII | ||
| Market (SPY) | 0.6% | -3.0% |
| Sector (XLF) | -10.8% | -13.7% |
Fundamental Drivers
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Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| DMII | ||
| Market (SPY) | 9.8% | -3.0% |
| Sector (XLF) | -7.1% | -13.7% |
Fundamental Drivers
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Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| DMII | ||
| Market (SPY) | 69.4% | -3.0% |
| Sector (XLF) | 40.5% | -13.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DMII Return | - | - | - | - | 0% | 1% | 1% |
| Peers Return | 1% | 1% | |||||
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| DMII Win Rate | - | - | - | - | 100% | 67% | |
| Peers Win Rate | 100% | ||||||
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| DMII Max Drawdown | - | - | - | - | -0% | -0% | |
| Peers Max Drawdown | -0% | ||||||
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SORN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
DMII has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -26.9% | -25.4% |
| % Gain to Breakeven | 36.7% | 34.1% |
| Time to Breakeven | 525 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -43.3% | -33.9% |
| % Gain to Breakeven | 76.5% | 51.3% |
| Time to Breakeven | 295 days | 148 days |
| 2018 Correction | ||
| % Loss | -26.1% | -19.8% |
| % Gain to Breakeven | 35.2% | 24.7% |
| Time to Breakeven | 338 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -83.7% | -56.8% |
| % Gain to Breakeven | 515.2% | 131.3% |
| Time to Breakeven | 4,470 days | 1,480 days |
Compare to SORN
In The Past
SPDR Select Sector Fund's stock fell -26.9% during the 2022 Inflation Shock from a high on 1/12/2022. A -26.9% loss requires a 36.7% gain to breakeven.
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About Drugs Made In America Acquisition II (DMII)
AI Analysis | Feedback
Here are a couple of brief analogies for Drugs Made In America Acquisition II (DMII):
- It's like a highly specialized **private equity fund** whose sole mission is to find, acquire, and then take public one promising private pharmaceutical company.
- Think of it as a **talent scout** (like for a sports team or a record label) specifically looking for *one* breakout star in the private pharmaceutical industry to 'sign' and make into a publicly traded leader.
AI Analysis | Feedback
- Business Combination Facilitation: Identifying, negotiating, and executing mergers, acquisitions, or other business combinations with private companies, with a focus on the pharmaceutical industry.
- Public Listing Sponsorship: Providing a pathway for a private company to become a public entity, offering access to public finance and equity for expansion.
- Strategic Growth Planning: Developing and implementing plans for organic expansion and growth via mergers and acquisitions for the acquired target company.
AI Analysis | Feedback
Drugs Made In America Acquisition II (DMII) is a blank check company, also known as a Special Purpose Acquisition Company (SPAC). Its sole purpose, as described, is to effect a business combination (e.g., merger or acquisition) with an operating business. As of the provided description, DMII has not yet selected or acquired any specific business combination target. Therefore, it does not currently have any operating business, products, or services to sell. Consequently, **Drugs Made In America Acquisition II does not have any major customers at this time.**AI Analysis | Feedback
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Here is the management team for Drugs Made In America Acquisition II (symbol: DMII):Roger Bendelac, Chief Executive Officer
Mr. Bendelac was appointed Chief Executive Officer of Drugs Made In America Acquisition II Corp. on February 28, 2026. He possesses over 30 years of experience in investment banking, capital markets, and corporate advisory services. Since 2015, Mr. Bendelac has been involved in corporate advisory and investment activities through various entities under his direction, focusing on capital formation, mergers and acquisitions, public company structuring, and cross-border transactions. His past and current roles include serving as a consultant with Silverbear Inc. since September 2025, a director for Apex AI Solutions Limited since September 2025, and secretary of RB Consulting Group Ltd. since April 2023. He has also served as a director for Opencap Global Inc. since March 2018 and has been a business consultant, president, and director of SP Associates Corp. since March 2016.
Glenn Worman, Chief Financial Officer
Mr. Worman serves as the Chief Financial Officer for Drugs Made In America Acquisition II Corp. He is a highly experienced financial services executive with almost four decades of experience, known for providing strong leadership and strategic execution across various businesses. His career includes significant roles at Merrill Lynch, Morgan Stanley, Deutsche Bank, and as President and CFO of National Holdings, a public corporation. Mr. Worman is also a partner at SeatonHill Partners and has held the position of CFO for Insight Acquisition (NYSE: INAQ). He is skilled in organizational analysis, implementing change, ensuring financial controls and liquidity, and advising executive management on business direction through thorough financial analysis.
Charles C. Conaway, Advisory Team
Mr. Conaway is a member of the Advisory Team for Drugs Made In America Acquisition II Corp. He has held prominent leadership positions, including former President of CVS Corporation, where he was instrumental in its restructuring to become a stand-alone public company and transformed it into a major U.S. healthcare company. In 1989, he co-founded Reliable Drug Stores Inc., growing it into a $400 million chain as executive vice president and chief operating officer. He also served as executive vice president and chief financial officer of CVS and its parent company, Melville Corporation, and successfully integrated the Revco and Arbor Drugs acquisitions into CVS. From 2000, he was chairman and CEO of Kmart Corporation, where he initiated restructuring efforts. Mr. Conaway is currently the chairman of The Sabre group, a private capital business that operates, acquires, and originates businesses across health, consumer, and other sectors. It is important to note that he faced legal scrutiny from the U.S. Securities and Exchange Commission regarding alleged disclosure and oversight failures at Kmart and was ordered to pay over $10 million in disgorgement, prejudgment interest, and civil penalties.
Paul J. Mastronardi, Advisory Team
Mr. Mastronardi is part of the Advisory Team for Drugs Made In America Acquisition II Corp. He is a third-generation grower and distributor within the North American greenhouse industry, bringing extensive experience in sales, strategic growth, and customer relationship management. As President and CEO of Mastronardi Produce, a family-owned company with over 70 years of history, he has been a pioneer in high-tech vegetable growing and has worked to revolutionize the berry industry. He was involved in the expansion of Mastronardi Produce into the U.S. market and introduced product traceability. In 2003, Paul Mastronardi pioneered high-tech berry growing, leading to the launch of premium greenhouse strawberries. Mastronardi Produce acquired full and exclusive North American rights to Mastronardi BerryWorld® America from BerryWorld® Group, a joint venture established in 2018.
Dr. G. Sridhar Prasad, Independent Director
Dr. Prasad serves as an Independent Director for Drugs Made In America Acquisition II Corp. He is the founder of Plex Pharmaceuticals, Inc., where he served as Director and Chief Scientific Officer from 2009 to 2022. Additionally, he founded Nnavata LLC. He is currently a Director at Brain Cancer Research Institute, a role he has held since 2024. From 2022 to 2024, Dr. Prasad was the Director & Head-Protein Science at Ventus Therapeutics U.S., Inc. He holds a doctorate from the Indian Institute of Science. Dr. Prasad has been a core member of numerous drug discovery teams, contributing to the discovery of drugs and drug candidates currently in various stages of preclinical and clinical development. Notably, he was the lead crystallographer and a core team member in the discovery of NESINA, a drug for type II diabetes, at Syrrx (Takeda), which was one of the first drugs discovered using structure-based methods at the company. He also developed and implemented fragment-based crystallography screening technology platforms at Syrrx (Takeda), Merck, and Metabasis. Dr. Prasad is also the founder and Vice President of Research at CalAsia Pharmaceuticals Inc., a drug discovery company focused on neurological disorders and ocular diseases, which has secured NIH grants and private funding. He has co-authored over 45 peer-reviewed research articles and holds 6 U.S. and international patents.
AI Analysis | Feedback
The key risk to Drugs Made In America Acquisition II (DMII) is its inability to consummate an initial business combination within the required timeframe.
AI Analysis | Feedback
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For Drugs Made In America Acquisition II (DMII), a blank check company aiming to acquire a business in the pharmaceutical industry, the expected drivers of future revenue growth over the next 2-3 years are directly tied to its strategic objectives post-acquisition. As a Special Purpose Acquisition Company (SPAC), DMII currently has no revenue-generating operations. Its future revenue growth will stem from the performance and strategic execution of the company it eventually acquires. Based on its stated intentions and focus, the key drivers are:
- Successful Completion of an Initial Business Combination: The most fundamental driver for DMII's future revenue is the successful identification and acquisition of a proven industry leader within the pharmaceutical sector. Without completing a business combination, DMII will not generate revenue.
- Expansion in Strategic On-shoring of Pharmaceutical Manufacturing: DMII intends to focus on acquiring companies that can reduce America's reliance on offshore pharmaceutical production through strategic on-shoring of advanced domestic manufacturing technologies for critical drugs. This initiative is expected to drive revenue growth by addressing supply chain vulnerabilities and expanding domestic market share.
- Organic Expansion of the Acquired Pharmaceutical Business: Following its initial business combination, DMII plans to pursue organic growth strategies for the acquired entity. This includes efforts to expand the core operations, customer base, and market penetration of the target company within the pharmaceutical industry.
- Growth Through Mergers and Acquisitions (M&A) by the Combined Entity: DMII's strategy includes a plan for expansion via mergers and acquisitions post-business combination, aiming to transform its target company into a widely respected industry leader. This approach suggests that future revenue growth will also be fueled by strategic consolidation and further acquisitions by the merged entity.
- Leveraging Public Company Status for Enhanced Capital Access: By becoming a public company, the acquired entity will gain access to finance and equity for expansion. This access to capital is a crucial driver, enabling investments in research and development, manufacturing capabilities, and market expansion initiatives to accelerate revenue growth.
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Share Issuance
- Drugs Made In America Acquisition II Corp. completed its Initial Public Offering (IPO) on September 25, 2025, raising $500,000,000.
- The company issued units consisting of ordinary shares and rights as part of its IPO.
- A private placement of units was conducted concurrently with the initial public offering.
Inbound Investments
- As of March 2026, approximately $507.8 million of the IPO proceeds remains in the company's trust account.
- The company raised $500,000,000 through its Initial Public Offering in September 2025.
Trade Ideas
Select ideas related to DMII.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | NDAQ | Nasdaq | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | JEF | Jefferies Financial | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | ALAB | Astera Labs | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | PAYO | Payoneer Global | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | FOUR | Shift4 Payments | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 9.94 |
| Mkt Cap | - |
| Rev LTM | - |
| Op Inc LTM | - |
| FCF LTM | - |
| FCF 3Y Avg | - |
| CFO LTM | - |
| CFO 3Y Avg | - |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | - |
| Rev Chg 3Y Avg | - |
| Rev Chg Q | - |
| QoQ Delta Rev Chg LTM | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | - |
| CFO/Rev 3Y Avg | - |
| FCF/Rev LTM | - |
| FCF/Rev 3Y Avg | - |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | - |
| P/S | - |
| P/EBIT | - |
| P/E | - |
| P/CFO | - |
| Total Yield | - |
| Dividend Yield | - |
| FCF Yield 3Y Avg | - |
| D/E | - |
| Net D/E | - |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.2% |
| 3M Rtn | 0.6% |
| 6M Rtn | 0.7% |
| 12M Rtn | 0.7% |
| 3Y Rtn | 0.7% |
| 1M Excs Rtn | 8.0% |
| 3M Excs Rtn | 8.7% |
| 6M Excs Rtn | 4.3% |
| 12M Excs Rtn | -10.8% |
| 3Y Excs Rtn | -61.1% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Stockwell, Lynn | CEO and Exe. Chair of Board | See Footnote | Buy | 10012025 | 0.00 | 700,000 | Form | ||
| 2 | Stockwell, Lynn | CEO and Exe. Chair of Board | See Footnote | Sell | 10012025 | 0.00 | 7,966,667 | Form | ||
| 3 | Drugs, Made In America Acquisition Ii Llc | Direct | Buy | 10012025 | 0.00 | 700,000 | Form | |||
| 4 | Drugs, Made In America Acquisition Ii Llc | Direct | Sell | 10012025 | 0.00 | 7,966,667 | Form |
External Quote Links
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| YCharts | Perplexity Finance |
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