Lager and bubbly is brewed outside university (9)

'lager' is the definition.
(I know that Budweiser is a lager)

'bubbly is brewed outside university' is the wordplay.
'bubbly' indicates anagramming the letters (I've seen this in other clues).
'outside' indicates putting letters inside.
'university' becomes 'u' (abbreviation for university).
'is'+'brewed'='isbrewed'
'isbrewed' with letters rearranged gives 'bdweiser'.
'bdweiser' going around 'u' is 'BUDWEISER'.

'and' acts as a link.