The optical third-order nonlinearity of a ZnSe-based microcavity is investigated by the pump-and-probe method. In the specially designed non-monolithic sample the biexciton binding energy exceeds all damping constants and the normal-mode splitting between exciton and cavity photon. For counter-circular polarized beams the nonlinear response exhibits strong oscillatory structures in the spectral vicinity of the polariton-biexciton transition. Comparison to model calculations shows that in this case the coherent nonlinearity is completely dominated by biexciton-exciton interactions beyond the Hartree-Fock approximation.