From the page to which I linked above:
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All required courses must be successfully completed with a minimum grade of “C” (2.0) or better. Students who receive below a “C” in required courses are ineligible to apply. Students cannot retake required courses.
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Applying for Internal Transfer or Dual Degree is a competitive process. Our decisions are based strictly on the applicant’s cumulative GPA, the completion of prerequisites, and availability of seats. We accept as many students as we have seats for. Students are accepted in descending GPA order. No additional factors are considered.
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Of course, all of this only applies to internal transfers (from one of Penn's other undergraduate schools).