Biopharma Bankers: Private Equity Activity Specialty Pharma???

To all Biopharma bankers out there, can someone explain why PE firms have been very active in the spec pharma/generics space over the last 5 years or so. Covis (Cerberus and now Apollo), TerSera (GTCR), Advanz (Nordic), Arbor (KKR). 

In addition, anyone has a good resource to understand the spec pharma business model in-depth? How are these companies different from typical branded pharma? 

Thanks folks!

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