(Updated - March 29, 2019 9:34 AM EDT)

In an e-mail to StreetInsider.com, Bristol-Myers Squibb (NYSE: BMY) confirmed that ISS recommended voting in favor of the Celgene (NASDAQ: CELG) deal.

Highlights from ISS

• strategic rationale is 'is sound'.
• replenishes BMY's late-stage pipeline, diversifying its exposure to its top drug (Opdivo)
• CELG's patent cliff was known in the market
• valuation "appears reasonable"
• seems to be no evidence to suggest that a buyer will be waiting on the other side of a broken deal to acquire BMY
• For BMY, the standalone scenario seems highly challenged.