Pfizer Inc. will pay $1.3 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, the world’s biggest drug company with blockbusters such as the cholesterol drug Lipitor, made the announcement late Thursday. Its shares rose 9 cents to close at $24.67 on the New York Stock Exchange.