We formulated an effective theory for a single interlayer exciton in a bilayer quantum antiferromagnet, in the limit that the holon and doublon are strongly bound onto one interlayer rung by the Coulomb force. Upon using a rung linear spin wave approximation of the bilayer Heisenberg model, we calculated the spectral function of the exciton for a wide range of the interlayer Heisenberg coupling α = J⊥/Jz. In the disordered phase at large α, a coherent quasiparticle peak appears representing free motion of the exciton in a spin singlet background. In the N´eel phase, which applies to more realistic model parameters, a ladder spectrum arises due to Ising confinement of the exciton. The exciton spectrum is visible in measurements of the dielectric function, such as c-axis optical conductivity measurements.