The Hyland Avenue site is zoned for about 55,000 square feet of extra office development, which could add roughly $20 per square foot to the sales price, brokers said. A sale would boost Valeant's balance sheet. As of the first quarter, the company's cash and equivalents were down 40% from late 2004. Valeant had $256 million in cash as of March 31. Panic, who remains a small Valeant shareholder, has taken aim at the company's declining cash, as well as its market value and net losses. He recently filed a lawsuit accusing Valeant's chairman and a director of intentionally driving down the company's shares so they could profit off stock options. Splitting Operations? Valeant could end up moving its administrative offices elsewhere in Orange County and shift research and development work done in Costa Mesa somewhere else.