The assembly which was being reference was not allowing any of the methods or fields, using which I could have updated the values runtime, so I end up using reflection.
Here is the code snippet for the same:
//Get the type of the class
Type typeToChangeValue = Assembly.GetAssembly("YourAssemblyName").GetType("TypeName");
//Get the static field to set the value
FieldInfo fieldToSetValue = typeToChangeValue.GetField("FieldName", BindingFlags.NonPublic | BindingFlags.Static | BindingFlags.GetField);
MethodInfo privateStaticMethod = typeToChangeValue.GetMethod("StaticMethodName", BindingFlags.NonPublic | BindingFlags.Static);
//Invoke the method
object returnValue = privateStaticMethod.Invoke(typeToChangeValue, new object[] { "methodParams" });
//define class variable
TypeName classObject = new TypeName();
//Invoke reflection setvalue method to assign the returned value of the method
fieldToSetValue.SetValue(classObject, returnValue);