We report novel oscillator strength transfer phenomena induced by the exciton-exciton correlation. A high quality semiconductor microcavity is resonantly excited by intense circularly polarised sigma(+) pump pulses (100 fs long) and probed at different delays by weak counter-polarised sigma(-) test pulses. We show that the presence of sigma(+) excitons can completely inhibit the creation of sigma(-) excitons. With increasing sigma(+) exciton density the oscillator strength of the a- transition is transferred to the biexciton transition, permitting the first observation of the strong coupling regime between the biexciton transition and the cavity photon mode, i.e., the biexciton polariton states.