BlackRock Health Science Term Trust (BMEZ) said Friday it launched a tender offer to acquire up to 40% of outstanding common shares.

Shares will be repurchased at a price equal to 99.5% of the fund's net asset value per share.

If more than 40% of the fund's shares are tendered, it will acquire them from tendering shareholders on a pro-rata basis.

The tender offer expires on April 17, and the pricing date is set for April 21.