NEW YORK (TheStreet) -- Shares of Medivation (MDVN) are gaining by 6.78% to $48.80 late Wednesday morning, as the biopharmaceutical company rebuffed a recent takeover approach by drugmaker Sanofi (SNY), sources told Bloomberg after yesterday's market close.

Paris-based Sanofi is pursuing the San Francisco-based company in an effort to expand its cancer treatment business.

Sanofi is working with advisers on a possible offer and hasn't ruled out a hostile bid, the sources added.

Last month, Medivation hired defense advisers to work on handling takeover approaches.

The company, which focuses on treatments for cancers, is looking for a higher price than initial proposals have suggested, according to the sources. Other companies are also considering making an offer, Bloomberg noted.

Shares of Sanofi are advancing by 1.35% to $42.84 on Wednesday morning.

Separately, TheStreet Ratings has a "Hold" rating with a score of C+ on Medivation stock.

The primary factors that have impacted our rating are mixed.

The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels.

However, the team also finds weaknesses including feeble growth in the company's earnings per share, deteriorating net income and weak operating cash flow.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: MDVN