Stout has advised WindRose Health Investors (“WindRose”) and SubjectWell on SubjectWell’s merger with Clariness. Stout served as exclusive financial advisor to WindRose and SubjectWell in connection with the transaction, which closed in December 2025.

SubjectWell’s U.S.-based patient experience platform drives accelerated and predictable clinical trial enrollment and improves retention by enhancing the patient journey. Powered by technology, global reach, full-service creative, science, and a suite of services, SubjectWell drives intelligence and efficiency for biopharma sponsors, CROs, sites, and site networks throughout the clinical lifecycle.

Clariness is a Germany-based service provider across the clinical trial lifecycle, including study feasibility, patient recruitment, and patient retention services, for biopharma sponsors, CROs, and study sites across the globe.

WindRose Health Investors is a U.S.-based healthcare investment firm focused on partnering with companies operating within the services sectors of the healthcare industry with profitable business models and a demonstrated ability to deliver cost-effective solutions. With approximately $7 billion under management, WindRose invests in companies throughout the United States.