Johnson & Johnson said it will discontinue development of the experimental eczema drug JNJ‑5939 (NM26), the asset it acquired for $1.25 billion in 2024, after the program failed to meet internal efficacy thresholds. J&J’s decision halts ongoing clinical plans and triggers portfolio reassessments tied to the acquisition. The move underscores deal risk in late‑stage dermatology and will affect projected returns for that 2024 purchase. Clarification: sponsors commonly terminate assets when efficacy or benefit‑risk no longer justify continued investment.