Medivation (MDVN) turned the spotlight on a second cancer drug on a call with investors Wednesday, as the subject of widespread takeover talk tries to prove it's worth more than bidders have recently proposed.

The company held a call after market close Wednesday for investors and analysts that touted its drug Talazoparib, a cancer treatment that is showing success in patients with ovarian and breast cancer.

"I've long been high confident that Talazoparib represents a multi million dollar opportunity for Medivation," Medivation's CEO David Hung said during the call. According to Medivation, which said on Tuesday that it was entering into confidentiality agreements with Sanofi (SNY - Get Report) and others about a potential acquisition, this drug is the most potent of its kind on the market.

Hung spent over an hour discussing the treatment, which is often overshadowed by Medivation's XTANDI, a prostate cancer drug the company developed and now sells.

Those who follow Medivation say the detail of Wednesday's presentation could mean that the company is hinting at its value to the companies who are considering an offer for Medivation.

"When I think about this deal I think it's going to be a competitive environment," said analyst Damien Conover in an interview. "The next step is probably going to lead to some heated bidding."

He added that if Sanofi's attempts to buy Medivation eventually fall through, the company could look to BioMarin Pharmaceutical (BMRN - Get Report) , particularly its cancer drug division, as a potential target. The company both markets and researches cancer drugs, which could interest Sanofi, Conover said.

He added that the company's assets could sell for $123 per share.

"Generally speaking I think they're trying to fill up their pipeline with stronger assets through M&A," Conover said of Sanofi.

While Sanofi has already made bids --both of which were rebuffed-- it is still in the running as a buyer, and has entered into a confidentiality agreement with Medivation. The company's most recent offer was worth $9.57 billion, but Medivation didn't take the bait.

Reuters has reported that Celgene (CELG - Get Report) and Pfizer (PFE - Get Report) have also entered into confidentiality agreements with Medivation. Neither company could be reached to confirm these reports.

As for Talazoparib, the drug is still in phase three clinical trials for treatment of breast cancer. The drug is also in a phase two clinical trial for small cell lung cancer treatment and a phase one clinical trial for prostate and ovarian cancer. The drug is classified as a Poly ADP-ribose polymerase, or PARP, and is based on type of protein that is typically used in DNA repair or deconstruction.

"Within the PARP category, it stands out," Hung said during the call. Talazoparib is a PARP inhibitor, which basically means it traps the molecules a cell releases when it is under stress.

Medivation's share price dipped slightly in after hours trading. The company, which has a market cap of $10.28 billion, dipped to $62.07 after hours, falling from its close price of $62.33.

Sanofi and BioMarin could not be reached for immediate comment. Medivation declined further comment on the confidentiality agreements.