Could the BMS merger spoil?

A pair of influential financial advisers might have the power to upend the forthcoming Bristol-Myers Squibb acquisition of Celgene, STAT’s Damian Garde writes. ISS and Glass Lewis, two firms that claim about 97 percent of the market for shareholder advice, have yet to weigh in on the deal — and if their views are negative, it could be the death knell for this mega-merger.

“They’re not almighty, but they wield enough power that management and the whoever’s opposing management both will plead their case with these so-called shareholder advisory services,” said Erik Gordon, a professor at the University of Michigan’s Ross School of Business who studies M&A and the pharmaceutical industry.