Mumbai: Sun Pharmaceutical Industries Ltd which is to buy rival drugmaker Ranbaxy Laboratories Ltd for $3.2 billion, said its unit Silverstreet Developers LLP had no role to play in the run-up in Ranbaxy shares ahead of the deal announcement in April.
Sun Pharma said it had no access to non-public information of Ranbaxy when its unit Silverstreet bought shares in Ranbaxy.
Ranbaxy shares had risen 24 per cent and trading volumes tripled in three sessions ahead of its announcement on April 7 that Sun Pharma would buy the loss-making company from Japan's Daiichi Sankyo Ltd.
"We hereby confirm that we had not bought any shares in the period from April 1 to April 7," Sun Pharma said in a statement to the National Stock Exchange. "Silverstreet had previously bought these shares as a matter of investment."
Sun Pharma's acquisition of Ranbaxy was temporarily halted last week by a court in Andhra Pradesh, pending its decision on a petition demanding a probe into alleged insider trading in Ranbaxy shares.
