2 crucial voices that could decide the fate of the $74 billion BMS-Celgene deal reportedly just came out in favor of the record-breaking takeover

• Institutional Shareholder Services (ISS) and Glass Lewis, two influential voices in corporate brawls, have reportedly come out in favor of Bristol-Myers Squibb's $74 billion takeover of biotech Celgene.
• The deal has faced growing unhappiness from shareholders, especially the vocal activist Starboard.
• Investors will vote on the deal at an April 12 meeting and the acquisition will likely go through, Jefferies analyst Michael Yee has said.

Two key voice in corporate brawls have reportedly weighed in on pharmaceutical giant Bristol-Myers Squibb's $74 billion acquisition of biotech Celgene - and Bristol-Myers management will be sighing in relief.

Institutional Shareholder Services (ISS) and Glass Lewis, two influential advisory services companies, have reportedly sided in favor of the deal, which has faced an unusual level of pushback from Bristol-Myers shareholders, including some of its largest stakeholders.

Bristol-Myers shareholders are set to vote on the deal, which was announced early this year, at an April 12 meeting.

Celgene shares surged 7.4% in Friday morning trade after the news, and Bristol-Myers shares slumped 0.4%.

Jefferies analyst Michael Yee predicted earlier this month that ISS would be supportive, likely allowing the deal to go through.

Some investors, including vocal activist investor Starboard, may have been hoping that instead of buying Celgene, Bristol-Myers could instead itself get acquired.

But Bristol-Myers management said this month that the company hasn't had acquisition talks since 2017, and even then nothing of much substance.

Read: Here's why Bristol-Myers Squibb's record-breaking $74 billion biotech deal is facing investor backlash

Starboard has other arguments, too, though Jefferies' Yee said his team didn't agree with all of them. Some of Starboard's key ones include:

• Celgene isn't a good acquisition target because a large number of its medicines are poised to lose patent protection soon.
• Celgene's other experimental drugs, which it hopes will get approved and become profitable products, are very risky.
• The Celgene deal was done hastily, without enough due diligence, and for "defensive" reasons, to thwart an acquisition of Bristol-Myers.