UPDATE 1-Novartis: no comment on talk may sell Roche stake

* Market talk Novartis could use proceeds to fund Alcon buy

* Novartis' Roche stake worth about $9.1 bln

* Novartis shares up 0.3 pct, Roche rise 0.5 pct

(Adds details on value of stake, background and comment)

By Sam Cage and Ben Hirschler

ZURICH/LONDON, Feb 2 (Reuters) - Swiss drugmaker Novartis (NOVN.VX) declined to comment on Tuesday on market talk it could sell its stake in local rival Roche (ROG.VX) to help fund its purchase of eyecare company Alcon ACL.N.

Several traders had cited talk Novartis may sell its stake, worth 33 percent of voting rights in Roche, or some 9.6 billion Swiss francs ($9.1 billion).

Novartis spokesman Eric Althoff said the company does not comment on market rumours.

Novartis has agreed to buy a majority of Alcon from food group Nestle (NESN.VX) and has made a lowball bid to minority shareholders, which a group of independent Alcon directors has dismissed as "grossly inadequate". [ID:nLDE60P0RD]

It has agreed to pay $39.3 billion to Nestle for a 77 percent stake and has made a bid originally worth $11.2 billion to minority shareholders, an offer made in stock so its value fluctuates.

Novartis said last month it would fund the Alcon acquisition from available cash resources and up to $16 billion of external debt financing, suggesting it does not necessarily need to sell the Roche stake to complete the transaction.

Novartis shares were 0.3 percent higher at 57.40 Swiss francs by 1445 GMT while Roche was up 0.5 percent, both broadly in line with the DJ Stoxx European healthcare index .SXDP.

Novartis has held a one-third voting stake in the rival Swiss drugmaker since 2003, when its attempts to push through a merger were rebuffed by Roche.

Since then there has been occasional speculation Novartis could use the stake to fund another large acquisition, although Chairman Daniel Vasella has said he views the holding as a long-term strategic investment.

Vasella told Reuters in Davos last week that Roche and Novartis -- together with Nestle -- shared a common "Swiss culture" in their attitude to long-term growth and investment.

The stake in Roche has proved a good investment for cross-town rival Novartis, with Roche stock roughly doubling in value and outperforming the European pharmaceuticals sector by 50 percent since 2003, driven by its market-leading line-up of cancer drugs.

(Editing by David Cowell)