We theoretically study the effects of electron-electron interaction in twisted bilayer graphene in a transverse dc electric field. When the twist angle is not very small, the electronic spectrum of the bilayer consists of four Dirac cones inherited from each graphene layer. An applied bias voltage leads to the appearance of two holelike and two electronlike Fermi surface sheets with perfect nesting among electron and hole components. Such a band structure is unstable with respect to the exciton band-gap opening due to the screened Coulomb interaction. The exciton order parameter is accompanied by spin-density-wave order. The gap depends on the twist angle and can be varied by a bias voltage. This result correlates well with recent transport measurements [J.-B. Liu et al., Sci. Rep. 5, 15285 (2015)SRCEC32045-232210.1038/srep15285]. Our proposal allows the coexistence of (i) an externally controlled semiconducting gap and (ii) a nontrivial multicomponent magnetic order. This is interesting for both fundamental research and applications.