We report novel oscillator strength transfer phenomena induced by the excit
on-exciton correlation. A high quality semiconductor microcavity is resonan
tly excited by intense circularly polarised sigma(+) pump pulses (100 fs lo
ng) and probed at different delays by weak counter-polarised sigma(-) test
pulses. We show that the presence of sigma(+) excitons can completely inhib
it the creation of sigma(-) excitons. With increasing sigma(+) exciton dens
ity the oscillator strength of the a- transition is transferred to the biex
citon transition, permitting the first observation of the strong coupling r
egime between the biexciton transition and the cavity photon mode, i.e., th
e biexciton polariton states.