Cal Biotech said it will buy out its R&D; partnership.

The Mountain View, Calif., biotechnology company said it will offer $2.5 million in cash, 2.5 million common shares and 1.2 million common stock warrants for the 2,492 outstanding units of Biotechnology Research Partners. Additionally, it will forgive some partner indebtedness. The partnership’s projects include cardiovascular, growth and animal vaccine products.