Johnson & Johnson announced it is discontinuing development of the experimental eczema drug JNJ‑5939 (NM26), an asset it acquired for $1.25 billion in 2024, after the candidate failed to meet efficacy thresholds. The decision forces J&J to write off an acquired program and tightens near‑term dermatology pipeline prospects. The failure also highlights acquisition risk in late‑stage dermatology buys where single trial readouts can determine multi‑hundred‑million‑dollar investments.