This study examines repeated partnership formation between small biotechnology firms and large pharmaceutical companies, focusing on changes in the technological domain of biotechnology firms relative to their initial alliance timing. Based on recent theoretical and empirical research on organizational identity and audience reactions to identity change, research hypotheses were developed and empirically tested using event history analysis, with the unit of analysis being alliance pairs between small U.S. biotechnology firms and large pharmaceutical companies. The results indicate that peripheral technological change in biotechnology firms had no significant effect on the likelihood of repeated partnership, whereas core technological change negatively affected the likelihood of repeated partnership formation. Meanwhile, when biotechnology firms possessed high technological status, the negative effect of core technological change on the likelihood of repeated partnership formation was further strengthened.