LONDON-- GlaxoSmithKline PLC (GSK.LN) Monday said a phase III study of its melanoma treatment Tafinlar showed 45% of patients treated with the drug were still alive after two years.

Shares at 1109 GMT, down 14 pence, or 1%, at 1,418 pence valuing the company at GBP68.8 billion ($111.8 billion).

-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

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