Pfizer and Kutztown Technologies have together invested and created a new organization, PFIZERTOWN,

and each company in PFIZERTOWN has same amount of ownership. Through this new firm, both companies are attempting to combine their core competencies to innovate and reduce their risks associated with transaction$-$specific investments. However, the new organization operates independent of Pfizer and Kutztown Technologies. Which of the following alternatives to integration does this scenario best illustrate?

A$)$ a corporate acquisition

B$)$ a licensing contract

C$)$ a franchisee

D$)$ a joint venture