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Medivation shares rise above Sanofi takeover bid

An employee works on an influenza vaccines production line at the factory Sanofi Pasteur.
Charly Triballeau | AFP | Getty Images
An employee works on an influenza vaccines production line at the factory Sanofi Pasteur.

Shares of Medivation soared above Sanofi's takeover bid in trading Thursday.

The San Francisco-based drugmaker gained more than 8 percent to $56.50, higher than Sanofi's cash offer of $52.50 a share. The stock has risen amid reports of takeover interest in the company and in February it briefly traded under $30 per share.

The offer, however, is only modestly above Medivation's Wednesday closing price of $52.05.

Medivation did not immediately respond to CNBC's request for comment.

Heading into Thursday trading, Medivation shares were up 7.92 percent year to date, but were down 16.2 percent for the past 12 months. It closed at $56.17.

MDVN in the last year

— Reuters contributed to this report.