We present experimental and theoretical studies of the absorption, emission
and photodissociation spectra of Rb2 molecules in solid helium. We have
identified 11 absorption bands of Rb2. All laser-excited molecular states
are quenched by the interaction with the He matrix. The quenching results in
efficient population of a metastable (1)3Πu state, which emits
fluorescence at 1042 nm. In order to explain the fluorescence at the forbidden
transition and its time dependence we propose a new molecular exciplex
Rb2(3Πu)He2. We have also found evidence for the formation of
diatomic bubble states following photodissociation of Rb2