The Medicines and Healthcare products Regulatory Agency (MHRA) has ruled in favour of Pluvicto, which could delay the progression of the disease by more than a year, the Independent reports.
Pluvicto could be available to men before the end of this year, through an NHS rollout.
More than 50,000 men are diagnosed with prostate cancer each year and more than 12,000 die from the disease annually.
Steve Allen, acting chair of the Tackle Prostate Cancer patient organisation told the Independent far too many people are still dying from the disease.
“Tragically, those diagnosed with metastatic prostate cancer will only have about a one in two chance of surviving for five years,” Mr Allen said.
“There continues to be a real and pressing need for better treatments for people with advanced prostate cancer. This new approach is very welcome.”
While most diagnosed men survive for more than a decade, this has barely changed in the last 10 years because the disease is often detected at a late stage.
Trials involving Pluvicto found it could delay disease progression by 12.5 months on average, with a four-month improvement on overall survival when compared with traditional treatments.
Six months after treatment, 65 per cent of patients had no worsening of the disease, compared with 28 per cent of those given radiation therapy and hormone treatments.