There appears to be no slowing down Allergan (AGN - Get Report) CEO Brent Saunders and his "stepping stone" deal strategy. 

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Saunders and his pharmaceutical maker announced Monday morning that the company will make two small acquisitions, which is in line with a plan he announced approximately six months ago to acquire or collaborate with smaller R&D companies, rather than larger, more established pharmaceutical firms outright. The news was announced just as the J.P. Morgan Healthcare Conference kicked off. 

Allergan has acquired licensing rights for Assembly Biosciences  (ASMB - Get Report) for its microbiome gastrointestinal development programs for $50 million up front. Milestone payments are available, but undisclosed, as are royalty payments. The deal is expected to close in the first half of 2017. 

Assembly saw shares fall 3.4% Monday on the news, hitting $12.37 apiece. 

Allergan has also acquired exclusive option rights to purchase Lysosomal Therapeutics for undisclosed terms. Under the terms of the deal, Allergan purchased an option to acquire LTI following completion of a Phase 1b trial for LTI-291, which is a Parkinson's disease drug. In addition, Allergan will pay an additional, separate upfront research and development payment. Terms of that payment were not disclosed. 

On that deal, Covington & Burling LLP served as Allergan's legal adviser. Goodwin Procter LLP and Faber Daeufer & Itrato PC served as LTI's legal counsel.

Dublin-based Allergan has been on an acquisition spree lately, buying up several smaller biotech companies to build out its offering.

The company's most recent acquisition was its acquisition of LifeCell Corp. $2.9 billion in cash from privately-held Acelity LP Inc., which was announced Dec. 20. This was the largest deal the company recently inked. 

Prior to that, Allergan paid $125 million deal for Alzheimer's drug developer Chase Pharmaceutical. 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.

Allergan's shares barely moved Monday. they were up 0.77% midday, hitting $220.81 apiece.