We consider suspended bilayer graphene under applied perpendicular electric bias field that is known to generate a single particle gap 2∆ and a related electric polarization P. We argue that the bias also drives a quantum phase transition from band insulator to superfluid exciton condensate. The transition occurs when the exciton binding energy exceeds the band gap 2∆. We predict the critical bias (converted to band gap), ∆c ≈ 60 meV, below which the excitons condense. The critical temperature, Tc(∆), is maximum at ∆ ≈ 25 meV, T max c ≈ 115 K, decreasing significantly at smaller ∆ due to thermal screening. Entering the condensate phase, the superfluid transition is accompanied by a cusp in the electric polarization P(∆) at ∆ → ∆c, which provides a striking testable signature. Additionally, we find that the condensate prefers to form a pair density wave.