A well-resolved nonlinear optical transition associated with biexcitons is
observed in a high-quality microcavity with a Rabi splitting exceeding the
binding energy of biexcitons in the embedded quantum well. This transition
is identified as an induced absorption from the lower polariton to the biex
citon. The biexciton binding energy is found not to be significantly affect
ed by the coupling with the cavity photons. In spite of the high quality of
the sample, formation of a bipolariton as a bound state of two lower cavit
y polaritons with small in-plane wave vectors is not resolved.