The South Korean government has approved pharmaceutical giant Celltrion's COVID-19 treatment candidate under a number of conditions. 

The Ministry of Food and Drug Safety announced on Friday that it has approved conditional administration of Celltrion's CT-P59, an anti-COVID-19 monoclonal antibody treatment candidate for patients at higher risk.

This refers to seniors aged 60 or older, or people with health conditions like heart disease, diabetes, high blood pressure or chronic diseases that affect the respiratory system.

The treatment candidate was also authorized on the condition that Celltrion submit results of the global Phase Three clinical trial.

CT-P59 has become the country's first locally developed COVID-19 treatment and the third to be approved in the world.