Making the announcement, health secretary Jeremy Hunt said that the agreement with GlaxoSmithKline (GSK) will mean the vaccine can be added to the national childhood immunisation programme this year.
Children will receive the first vaccine at two months old, followed by two further doses at four months and 12 months old.
According to Mr Hunt, the UK will be the first country in the world to implement a nationwide Meningitis B vaccination programme.
However, his announcement follows delays to the vaccine being implemented.
Last April, the Department of Health announced plans to introduce the vaccine, but said its decision was subject to the cost of the vaccination and its ‘value for money’.
The Department of Health was in talks with another supplier, Novartis, which used to own the vaccine, called Bexsero.
GSK subsequently acquired the vaccine from Novartis which resulted in the price being reduced and a deal being struck, said Mr Hunt.
The health secretary Jeremy Hunt said, 'I am very proud that we will be the first country in the world to have a nationwide MenB (meningitis B) vaccination programme, helping to protect our children from a devastating disease.
'MenB can be severely disabling or fatal, especially in babies and young children. Losing a child is every parent’s worst nightmare so I am delighted that we have reached an agreement with GSK to supply the vaccine.'
The news has been welcomed by the Meningitis Research Foundation (MRF), which has campaigned for decades for a vaccine against meningitis B to be offered to babies for free under the NHS.
According to the MRF, meningitis B is the commonest cause of bacterial meningitis and septicaemia, the leading cause of death from infectious disease in children under five in the this country. Children under the age of one are at greatest risk.
Meningitis Research Foundation’s chief executive Chris Head said, ‘Meningitis B has been at the top of this charity's agenda for decades and we are delighted that vaccinating all babies against this devastating disease is now within sight, cementing the UK’s position as a world leader in meningitis prevention.
'When this vaccine is finally introduced it will save lives and spare countless families the trauma of seeing a loved one die or become seriously disabled because of meningitis B. The bitter experience of those who have been personally affected has been vital in our campaigning for this vaccine, demonstrating the compelling case for prevention. We pay tribute to them and pledge to continue supporting them.
‘We do however remain concerned that there is no recommendation for teenagers, the second highest "at risk" group, to be routinely vaccinated. Vaccinating this age group has the potential to protect the wider population because they are key to transmission and spread.’
Dr Ian Maconichie, registrar to the Royal College of Paediatrics and Child Health, said, ‘I'm delighted that the meningitis B vaccine is going to be made available for all babies in the UK.
‘Meningitis is a very serious infectious disease and is a leading killer of children and young people in the UK - one in ten cases prove fatal and of those who survive, many are left with life long disabilities.
‘This decision will undoubtedly decrease mortality and morbidity rates and reduce the burden meningitis can have on children and their families.’
