The measured stationary and time-resolved photoluminescence is used to study the properties of the exciton gas in a second-order 5-nm-thick Si0.905Ge0.095/Si quantum well. It is shown that, despite the presence of an electron barrier in the Si0.905Ge0.095 layer, a spatially indirect biexciton is the most favorable energy state of the electron–hole system at low temperatures. This biexciton is characterized by a lifetime of 1100 ns and a binding energy of 2.0–2.5 meV and consists of two holes localized in the SiGe layer and two electrons mainly localized in silicon. The formation of biexcitons is shown to cause low-temperature (5 K) luminescence spectra over a wide excitation density range and to suppress the formation of an exciton gas, in which quantum statistics effects are significant. The Bose statistics can only be experimentally observed for a biexciton gas at a temperature of 1 K or below because of the high degree of degeneracy of biexciton states (28) and a comparatively large effective mass (about 1.3m e ). The heat energy at such temperatures is much lower than the measured energy of localization at potential fluctuations (about 1 meV). This feature leads to biexciton localization and fundamentally limits the possibility of observation of quantum coherence in the biexciton gas.