On high-quality ZnCdSe/ZnSe quantum wells the occurrence of a new emis
sion feature energetically below the exciton transition is demonstrate
d from which stimulated emission and gain emerge at elevated excitatio
n levels (10 kW/cm(2)). Application of a magnetic field allows us to d
istinguish this feature from bound excitons and evidence its biexciton
nature. Subpicosecond excite-and-probe measurements reveal the scenar
io of exciton-exciton interaction in the presence of alloy disorder (l
ocalization). A model accounting for bound and antibound two-exciton s
tates provides good agreement with the experimental data.