Eli Lilly & Co. has agreed to pay nearly $700 million to settle a majority of legal claims that labels on its anti-psychosis drug Zyprexa had failed to provide adequate warning that the drug could put patients more at risk for developing diabetes.

Lilly said late Thursday it had agreed in principle with plaintiffs’ attorneys involved in the Zyprexa claims. The settlement, when finalized, will resolve about 75 percent of the Zyprexa claims pending in the United States, according to a Lilly news release.