We present optical pump-probe experiments carried out in Cd1-xMnxTe/ZnTe mu
ltiple quantum wells to study the dynamics of excitons, exchange-coupled to
Mn spins in the form of magnetic polarons. From the analysis of the transi
ent absorption spectra, we found that the magnetic polaron formation a) sup
presses the formation of biexcitons (this simplifies the lineshape analysis
of the pump-probe spectra) and b) retards the energy relaxation of the exc
itons by 14 ps in these semimagnetic structures.