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.