Brook Baker, a law professor at Northeastern University in Boston, calls this argument a “topsy-turvy” interpretation of so-called national treatment.

“Under the logic of Eli Lilly’s investor-state claim, foreign investors’ expectations have become unbound,” Prof. Baker writes in a recent issue of Investment Treaty News. “Eli Lilly hitches its investment expectation to the best deal on [intellectural property] achieved anywhere [in the world].”