We theoretically investigate the effect of a magnetic field perpendicular to the tunneling direction on the ground-state properties of biexcitons in coupled quantum dots. The single-particle states are computed by numerically solving the 3D Scrodinger equation. The biexciton states are obtained by means of a configuration-interaction approach, which fully accounts for the intra- and inter-dot Coulomb correlations. We show that the biexciton ground state undergoes nontrivial transitions as a function of the applied magnetic field, which can be traced back to unexpected carrier localizations. (C) 2004 Elsevier B.V. All rights reserved.