Solrex Pharmaceuticals, which is linked to India's largest drug maker Ranbaxy Laboratories, recently acquired an 11.4% stake in Orchid Chemicals & Pharmaceuticals. While Orchid's stock price had doubled on speculation of a takeover by Ranbaxy, Orchid's Deputy Managing Director said the stake purchase was a "value pick" rather than a takeover attempt. Orchid shares fell 3% as the company said it did not expect Ranbaxy to launch a takeover bid.