Massachusetts Democrats said Thursday they struck an “agreement in principle” on a long-awaited economic development package that the House and Senate could not bridge divides over before formal lawmaking ended for the year in July.

The two lead negotiators on the bill did not release details about the forthcoming compromise but said they were working to “formalize the agreement” and planned to bring up the measure for a vote next week.

“We are gratified by the cooperative conversations that have resulted in an affordable, inclusive, strategic blueprint for strengthening our statewide economy, outpacing our competition, and ensuring opportunity for our fellow residents,” Sen. Barry Finegold, an Andover Democrat, and House budget chief Aaron Michlewitz of the North End said in a statement.

Both the House and Senate unanimously passed competing versions of the economic development bill this year.

While both versions diverged on policy proposals, they each committed to continuing a life sciences funding initiative and creating a similar one for the climate technology sector.

The House proposed shuttling $580 million to the Massachusetts Life Sciences Center over 10 years while the Senate reduced that to $225 million over five years.

That sticking point was something Mariano pointed to at the formal sessions this summer.

“Obviously, the bonding part of it is a problem. But we just couldn’t get any information about the differences in the bonding. There were major differences in what the House wanted to put in. We were in line with the governor,” Mariano said at the time. “We couldn’t get it to an agreement so consequently, we didn’t do it.”

An agreement on the economic development bill could also trigger a vote in the House on a closely-watched climate bill. House Speaker Ron Mariano said last month that his chamber will take up the matter “when we convene in a formal session to pass the economic development bill.”

Formal legislative business ended in the early morning of Aug. 1, hours after legislators’ July 31 deadline.

But top Democrats in the House and Senate have said they are ready to call lawmakers back into a formal session if an agreement is reached on the economic development bill.

In a separate move to avoid potential blockades during a stretch of the legislative session where any one lawmaker can halt an advancing bill, Senate President Karen Spilka struck an agreement with Republicans in the chamber to allow for recorded votes on key compromises.