The Horizon Irish Open at Mount Juliet this summer will see prizemoney almost doubled from last year - from €3.42m to €6m.
The DP World Tour (formerly European Tour) has announced that the event will be sponsored by Horizon Therapeutics for the next six years.
The Dublin-based global biotechnology company takes on the baton from Dubai Duty Free and was formed through a strategic alliance between DP World Tour and the PGA Tour.
This year's tournament takes place from June 30 to July 3 this year. The event was also held at the county Kilkenny venue last year and was won by the Australian golfer Lucas Herbert.
Once more, the Irish Open will be part of the Open Qualifying Series - so the top three players not exempt will earn a spot a fortnight later in the 150th Open Championship, which will take place at St Andrews.
However it is not yet known if Rory McIlroy will compete in the Irish Open this year, given a busy schedule around that period.
Guy Kinnings, Deputy CEO and Chief Commercial Officer of the European Tour group, said: "We are thrilled to welcome Horizon as the new Title Partner of the Irish Open.
“It is a tournament which always holds a special place in the global golfing calendar thanks to its history, the world-renowned Irish fans and of course the many world-class players the island has produced.
"It is a sign of Horizon's commitment to golf on the island of Ireland that they have committed until at least 2027 and we very much look forward to working with them.
"This agreement is just the latest example of how the Strategic Alliance with the PGA TOUR continues to benefit our membership."
Tim Walbert, Chairman, President and Chief Executive Officer, Horizon commented: "Horizon has called Ireland home for nearly ten years and this partnership with the DP World Tour further solidifies our continued business and community commitment.
"In addition to developing medicines, philanthropy is at our core.
"We have forged meaningful relationships in Ireland and know that serving as the Title Partner of this historic tournament will serve as a platform to positively impact the Irish and global community."
Get the latest sports headlines straight to your inbox by signing up for free email alerts
