LONDON, March 21 (Reuters) - British Biotech Plc, a former flagship of the UK biotechnology sector brought low by drug failures, said on Friday it had agreed to merge with privately-owned RiboTargets.
The deal will create a business with a market value of around 52 million pounds ($81.5 million), and will aim at making around 6.4 million pounds of cash-savings per year, including reducing headcount from 177 to around 110 employees.

Yes ... there is a lot of talk about the need/desireability of consolidation