Mr. Valve, meet Mr. Piston
Probably.
When the timing belt broke the valves met the pistons and were bent in the process. Big repair job, obviously. Can't tell you about the accuracy of the quoted price but it sounds like you're getting a new (or remanufactured) cylinder head. Ask, and check around before committing to anything.
FYI: Change the timing belt every 60,000 miles. Bad things happen when they break.
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