Allergan's (AGN) - Get Report banner year for acquisitions will end on a high note with yet another biotech purchase. 

The company announced Tuesday, Dec. 20, that it will acquire LifeCell for $2.9 billion in cash from privately-held Acelity. LifeCell, which focuses on breast reconstruction surgery devices and drugs is expected to generate $450 million in 2016 revenue.

Allergan, which already owns a bevy of reconstructive surgery products like Botox, Juvederm and Latisse, saw its shares fall about 1%, $2.20, Tuesday, hitting $190.43 mid-morning. 

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"The acquisition of LifeCell is both strategically and financially compelling to Allergan and serves as our entry point into regenerative medicine as we create a world-class aesthetic and regenerative medicine business in plastic surgery," said Brent Saunders, CEO of Allergan, in a statement. "LifeCell's regenerative medicine unit is a strong fit with our existing business and can be significantly strengthened with our infrastructure and global reach."

Saunders has been preaching that the company will take a "stepping stone" 

Allergan has been on an acquisition spree this fall, buying up several smaller biotech companies to build out its offering. This was part of Jones' previously announced "stepping stone" strategy. 

The company's most recent acquisition was its $125 million deal for Alzheimer's drug developer Chase Pharmaceutical Corp. The transaction could ultimately be worth as much as $1 billion based on potential milestone payments, should the venture-backed target's lead candidate achieve certain regulatory- and sales-related targets.

Other acquisitions include its previously announced $639 million buyout of Vitae Pharmaceuticals (VTAE) , a clinical stage biotech developing therapies to treat moderate-to-severe psoriasis, a common skin condition, and mild-to-moderate atopic dermatitis and its acquisition of Tobira Therapeutics for $595 million upfront plus a potential additional consideration that could ultimately ad up to $1.1 billion.