The Government has offered to spend €10 million to help with the relocation of staff at the European Medicines Agency from London to Dublin.
The Irish application to host the EMA when Britain leaves the European Union also contains a commitment to contribute €78m towards the agency's rent and maintenance in Ireland.
The Irish application was officially submitted yesterday afternoon ahead of a midnight deadline.
A number of other EU cities have also applied to host the agency, which regulates the approval of new drugs throughout the bloc.
It currently employs 890 staff in London's Canary Wharf.
The Irish bid says Dublin will provide the best outcomes for, "the agency, its staff and the citizens of Europe".
It adds that the city is the least disruptive option for London-based staff and offers the option to commute, "if families of EMA staff wish to remain in London for a period after Brexit."
Three buildings have been identified from which the EMA can choose its preferred option for a new headquarters.
Two of the properties are in Dublin's docklands and one is located at the Dublin Airport Central business park adjacent to the airport.
The Government has committed to spending €15m in the first year to fit-out the selected premises, and an annual contribution of €7m for the next nine years towards rent and maintenance.
The application says Ireland is: "Conscious of the significant costs which Brexit will incur for the EMA and the commission, and has committed to providing a substantial financial contribution over the next decade."
If the bid is successful it is estimated to be worth €180m per year to the Irish economy.
Relocation experts will be contracted to help staff and their families, with €10m set aside for assistance with housing, schools, and identifying jobs for spouses.
There will also be help with practical issues such as banking, moving personal belongings and language lessons.
The Department of Education will provide additional resources for education for the children of staff, "which will include mother-tongue tuition and European Baccalaureate provision."
If Dublin is selected, the Government has committed to establishing a dedicated transition task force to liaise with the EMA on planning and implementing the relocation.
Office space will be provided in Dublin from 2018 for an advance team from the EMA to work on the agency's move.
The application commits to working with the EMA to "ensure the selected building fully meets the technical requirements and is available on time".
The relocated EMA building would need to be operational by 1 April 2019, when the UK officially withdraws from the EU.
23 cities have made bids to host the London-based EU agencies.
19 cities have bid to host the European Medicines Agency, while eight have thrown their hats into the ring for the European Banking Authority, the European Council said in a statement.
The European Commission will assess the candidate cities by September but the decision rests with EU leaders who will try to reach a consensus deal at their next summit, in October.
Ministers will then hold a vote in November.
Ireland has also applied to Brussels to host the European Banking Authority after the UK leaves the EU.