How was Frederick Grant Banting awarded the Noble Prize in Physiology or Medicine?

Name: Frederick Grant Banting.
Country: Canada.
Date of Birth: 14 November 1891.
Died: 21 February 1941.
Education: University of Toronto (MD).
Subjects Of Study: Diabetes mellitus insulin therapeutics.
Known as: Co-discoverer of insulin.
Noble Prize Year: Nobel Prize for Peace in 1923, for the discovery of insulin.