Monoclonal antibodies are man-made proteins that act like natural human antibodies in the immune system.
The drug, developed by pharmaceutical firms Regeneron and Roche, is given either by injection or infusion and acts at the lining of the respiratory system where it binds tightly to the virus and prevents it from gaining access to the cells, the MHRA said.
Sajid Javid said: “The UK is considered a world leader in identifying and rolling out life-saving treatments for Covid-19, once they have been proven safe and effective in our government-backed clinical trials.
“This is fantastic news from the independent medicines regulator and means the UK has approved its first therapeutic designed specifically for Covid-19.
“This treatment will be a significant addition to our armoury to tackle Covid-19 – in addition to our world-renowned vaccination programme and life-saving therapeutics dexamethasone and tocilizumab,” Javid added.
“We are now working at pace with the NHS and expert clinicians to ensure this treatment can be rolled out to NHS patients as soon as possible.”
MHRA interim chief quality and access officer Dr Samantha Atkinson said: “We are pleased to announce the approval of another therapeutic treatment that can be used to help save lives and protect against Covid-19.
“Ronapreve is the first of its kind for the treatment of Covid-19 and, after a meticulous assessment of the data by our expert scientists and clinicians, we are satisfied that this treatment is safe and effective.
“With no compromises on quality, safety and efficacy, the public can trust that the MHRA have conducted a robust and thorough assessment of all the available data.”
The regulator said the government and NHS will confirm how the treatment will be deployed to patients in due course.