Setback for Lebanon, having lost an illustrious prize (5)

I believe the answer is:

nobel

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'prize' is the definition.
(thesaurus)

I cannot understand how the remainder of the clue works.

(Other definitions for nobel that I've seen before include "and 21 Across: Prestigious international award" , "Alfred --, Swedish founder of international prizes" , "he provided prizes" , "Philanthropic Swede noted for establishing international prizes" , "Swedish prize" .)

I've seen this clue in The Guardian.

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