Pfizer to pay Sanofi-Aventis $1.3 billion for insulin

&to=' target=_blank>Pfizer Inc., the world's biggest drug company, will pay $1.3 billion (Ђ1.1 billion) to Sanofi-Aventis Group to obtain full worldwide rights to the inhaled insulin the companies developed jointly and were planning to co-market. U.S. regulators are expected to rule upon the drug later this month.

Pfizer, known for blockbusters such as the cholesterol drug Lipitor, made the announcement late Thursday.