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This study proposes a revised typology of alliance governance mechanisms by integrating two salient theoretical perspectives that have been studied independently so far: one is sociologically oriented and focuses on the formal vs. informal structures, while the other is economics based and focuses on contractual vs. relational mechanisms. We use this revised typology as the lens to analyze empirical evidence from an in-depth longitudinal case study of an alliance in the veterinary drug industry. Examining the governance dynamics of a revelatory R&D alliance allowed us to corroborate the revised typology and to identify the trade-offs inherent in the various governance mechanisms. In addition, our analysis led us to theorize about the precise interplay between different types of governance mechanisms and their impacts on alliance outcomes over time. As such, we provide novel insights into the ongoing debates on the mutual relationships between governance mechanisms.