Small drinks bottles are raised, showing Egyptian deity (7)

'deity' is the definition.
(I know that Serapis is a Ancient Egyptian deity)

'small drinks bottles are raised' is the wordplay.
'small drinks' becomes 'sips' (I've seen this in another clue).
'bottles' means one lot of letters goes inside another (bottle can mean to contain).
'raised' shows that the letters should be reversed in order (going up in a down clue).
'sips' enclosing 'are' is 'sipares'.
'sipares' in reverse letter order is 'SERAPIS'.

'showing egyptian' is the link.
I am not very happy about this link. Some or all of it may be part of another bit of the clue.

Can you help me to learn more?